WA People
BILL · 2023–24 SESSION

HB 1459: PERS & TRS plan 1 adjustment

Providing an annual adjustment in the public employees' retirement system and teachers' retirement system plan 1 benefits capped at $110 per month by adjusting the long-term investment rate of return assumption.

Summary

  • Provides an ongoing increase to the retirement benefits of retirees in the Public Employees' Retirement System and the Teachers' Retirement System Plan 1 of Seattle area inflation, up to 3 percent per year and up to a maximum annual increase of $110 per month.
  • Increases the long-term rate of investment return used for conducting actuarial studies of the Washington State Retirement Systems from 7.0 percent to 7.2 percent per year.

From the House Bill Analysis 2023 (HB 1459), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 19, 2023
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Drew Stokesbary (R-31)
Introduced
January 19, 2023 in the House
Last action
January 8, 2024
Budget
Has a fiscal note

AN ACT Relating to providing an annual adjustment in the public employees' retirement system and teachers' retirement system plan 1 benefits capped at $110 per month by adjusting the long-term investment rate of return assumption;

Sponsors

Prime sponsor: Drew Stokesbary (R-31)

15 co-sponsors (7 Democrats, 8 Republicans)

Timm Ormsby D-3Sharon Tomiko Santos D-37Eric Robertson R-31Steve Bergquist D-11Mike Steele R-12Mike Volz R-6Jacquelin Maycumber R-7Jenny Graham R-6Shelley Kloba D-1Kelly Chambers R-25Cyndy Jacobsen R-25Carolyn Eslick R-39Mia Gregerson D-33Nicole Macri D-43Jessica Bateman D-22

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status.
  2. First reading, referred to Appropriations.

HB 1459 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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