Friday, April 19, 2024

Legislative News

SCPP Adopts Ongoing COLA Study Timeline

SCPP Adopts Ongoing COLA Study Timeline On Tuesday, April 16, the Select Committee on Pension Policy (SCPP) laid out a timeline to study and recommend a proposal to restore an automatic ongoing cost-of-living adjustment (COLA) for PERS 1 and TRS 1 retirees. Since 2010, PERS 1 and TRS 1 are the only retirement systems managed by Washington State to not …

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Governor Inslee Signs Plan 1 COLA Bill

Governor Inslee Signs Plan 1 COLA Bill It’s official. For the third year in a row, PERS 1 and TRS 1 retirees will receive a cost-of-living adjustment (COLA). On Tuesday, March 26, Governor Jay Inslee signed Substitute House Bill 1985, providing Plan 1 retirees with a one-time 3% COLA not to exceed $110 per month. The COLA will be reflected …

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Proposed Budget Targets Medicare, Social Security

Proposed Budget Targets Medicare, Social Security A budget, recently proposed by the Republican Study Committee (RSC), calls for more than $1.5 trillion in cuts to Social Security, raising the retirement age to 69 “to account for increases in life expectancy,” and cutting disability benefits. These “increases in life expectancy” are true for top earners. However, low-income and low-wealth individuals have …

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Legislature Passes Budget, Adjourns

Legislature Passes Budget, Adjourns On Thursday, March 7, the Washington State Legislature came to a close.  Both chambers passed a supplemental operating budget and then adjourned. The budget, which added an additional $2.1 billion to the $69.8 billion biennial budget that the legislature passed last year, includes funding for Substitute House Bill 1985, providing a one-time cost of living adjustment …

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