Plans 1 Pension Bills Pass Ways & Means

Plan 1 Pension Bills Pass Ways & Means

On Monday, February 20, the Washington State Senate Ways & Means Committee passed two important Plan 1 pension bills.  Senate Bill 5350 will provide PERS 1 and TRS 1 retirees with a one-time 3% cost-of-living-adjustment (COLA) in July 2023, not to exceed $110 per month.  It also includes language that RPEC helped craft to direct the Select Committee on Pension Policy to study and recommend an ongoing COLA for Plan 1 retirees.  In executive session, Senator Lynda Wilson (R, Vancouver) offered an amendment to soften this language.  Senator Steve Conway (D, Tacoma…