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Committee briefs PERS‑1/TERS‑1 COLA proposals; committee may revisit in 2026 session
Summary
Committee staff reviewed competing bills to provide cost‑of‑living protection for closed Plan 1 retirees and reiterated that no action was required today; staff will update fiscal notes and agency responses before the October meeting and the 2026 legislative session.
Committee staff and presenters reviewed recent legislative proposals to provide cost‑of‑living adjustments (COLAs) for closed Plan 1 retirement systems (PERS 1 and TERS 1). Staff summarized the SEPP (Select Committee on Pension Policy) recommendation endorsed during the legislative session: an ongoing COLA indexed to the Seattle–Tacoma–Bellevue CPI with a 3 percent annual cap and a banking provision, implemented after a one‑time 3 percent payment in the first year to ease administration.
Melinda (staff/OAG support) briefed members on…
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