The bill amends RCW 41.32.4992 to provide scheduled monthly benefit increases for beneficiaries of the Teachers' Retirement System (TRS) Plan 1. It defines "beneficiaries" for this section as persons receiving a monthly benefit from TRS Plan 1 on the specified July 1 determination dates and expressly excludes persons receiving benefits under RCW 41.32.489 or RCW 41.32.540. The amendatory language cites 2024 c 255 s 1. The scheduled increases are percentage adjustments to the beneficiary's monthly benefit subject to a dollar cap: if receiving a benefit on July 1, 2017, an increase effective July 1, 2018 of 1.5% capped at $62.50; on July 1, 2019 an increase effective July 1, 2020 of 3% capped at $62.50; on July 1, 2021 an increase effective July 1, 2022 of 3% capped at $110.00; on July 1, 2022 an increase effective July 1, 2023 of 3% capped at $110.00; on July 1, 2023 an increase effective July 1, 2024 of 3% capped at $110.00; and on July 1, 2025 an increase effective July 1, 2026 of 3% capped at $110.00. This is a modification of existing law that changes benefit adjustment procedures and specifies the sizes and caps of those adjustments; it does not create a new crime or change penalties. The extracted text is limited to amendments to RCW 41.32.4992 and does not show any other sections of the bill, legislative findings, fiscal notes, or implementation details that may exist elsewhere.

If enacted, teachers' retirement system plan 1 retirees who were receiving a monthly benefit on the listed July 1 determination dates will see modest scheduled increases in their monthly checks on the corresponding July 1s: a 1.5% increase (capped at $62.50) for the 2017 determination and 3% increases (capped at $62.50 for 2019/2020 and $110 for 2022–2026 determinations) for the others. People who qualify under RCW 41.32.489 or 41.32.540 are explicitly excluded and will not receive these supplements, and anyone not receiving a benefit on the specified July 1 dates will also not be eligible. The direct financial effect will be higher pension payouts for TRS plan 1 on those dates, boosting retirees' monthly income by the capped amounts but increasing the system's payout obligations; how much this changes employer or fund contributions, or the plan's long-term funding status, is not shown in the provided text and would depend on fiscal details not included here.