Plan 1 Pension Bills Pass Appropriations Committee

Plan 1 Pension Bills Pass Appropriations Committee

On Thursday, February 23, the Washington State House of Representatives Appropriations Committee passed Substitute House Bill 1057 and House Bill 1201, bills that relate to the Plan 1 (PERS 1 and TRS 1) pension systems.

SHB 1057, which will provide a one-time 3% cost-of-living-adjustment to Plan 1 retirees not to exceed $110 per month, unanimously passed the committee with an amendment.  The amendment, introduced by Rep. Steve Bergquist (D, Renton), alters the bill to have it financed not through a specific appropriation, but through funds already allocated to Plan 1.  Additionally, the…