This bill amends existing retirement statutes (RCW 41.32.4992 and RCW 41.40.1987) to provide specified one-time increases to monthly benefits for beneficiaries of the teachers' retirement system plan 1 (TRS Plan 1) and the public employees' retirement system plan 1 (PERS Plan 1). The increases are expressed as a percentage of each beneficiary's monthly benefit and are subject to stated dollar caps. The bill is presented by the Office of Financial Management, declares an emergency, and takes effect immediately. For both TRS Plan 1 and PERS Plan 1 the schedule of one-time increases is: for beneficiaries receiving a monthly benefit on July 1, 2017, an increase effective July 1, 2018 of 1.5% capped at $62.50; for those receiving on July 1, 2019, an increase effective July 1, 2020 of 3% capped at $62.50; for those receiving on July 1, 2021, effective July 1, 2022 an increase of 3% capped at $110.00; and for beneficiaries receiving on July 1 of 2022, 2023, and 2024, increases effective respectively July 1, 2023, July 1, 2024, and July 1, 2025 of 3% each, each capped at $110.00. The bill excludes certain beneficiaries by cross-reference to other RCW sections (41.32.489 and 41.32.540 for the TRS provision; 41.40.1984 for the PERS provision). The text provided does not define key terms such as "beneficiaries" or "monthly benefit," does not include the prior statutes and 2024 chapter sections it amends, and does not include the contents of the cited exclusion provisions, so the precise scope and interaction with existing law cannot be fully determined from the material given.

If enacted, many retired teachers and state employees in Plan 1 will receive small, one-time increases to their monthly pensions on specific July 1 dates over the next several years; the raises are percentage-based but limited by low dollar caps (initial caps of $62.50 and later caps of $110), so individual checks will rise only modestly. The law takes effect immediately, so the schedule of increases will begin without delay for people who were already receiving benefits on the listed past July 1 dates; however, some groups are explicitly excluded and the text here does not show exactly who those exclusions cover. The practical cost will fall on the teachers’ and public employees’ retirement systems and therefore on state budgeting overseen by the Office of Financial Management, resulting in a modest increase in pension payouts over the covered years. Because the bill references other statutes and does not define key terms or the exclusions included elsewhere, the precise number of beneficiaries affected and the total fiscal impact are unclear from the provided text.