It’s official! On Monday, March 30, Governor Bob Ferguson signed Substitute Senate Bill 5862 into law. The bill will provide a one-time 3% cost-of-living adjustment (COLA) to TRS 1 and PERS 1 retirees, not to exceed $110 per month. TRS 1 and PERS 1 retirees will see their pension amounts increase with the pension payment they receive at the end of July. That will be their new pension amount moving forward.
TRS 1 and PERS 1 are the only pension plans managed by Washington State that don’t receive automatic cost-of-living adjustments. While members of other pension plans receive an automatic increase every July, we have to get a bill passed every year to get TRS 1 and PERS 1 retirees a COLA. This was especially challenging this year, as the state faced a large budget deficit.
Thanks to the hard work of the WSSRA Legislative Committee and our members across the state, we were able to get the bill across the finish line.