Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Select committee bill would restore recurring COLA for Plan 1 retirees, amortize cost over 15 years
Summary
Senate Bill 5113, requested by the Select Committee on Pension Policy, would restore an annual COLA for PERS 1 and TRS 1 retirees (up to 3% tied to Seattle CPI) and require that the cost of benefit improvements be amortized over 15 years; supporters said it corrects an inequity, while employers and fiscal critics warned of added costs.
Senate Bill 5113, brought to the Senate Ways & Means Committee by the Select Committee on Pension Policy, would reinstate an ongoing cost‑of‑living adjustment for Plan 1 retirees and change amortization rules for benefit enhancements.
Amanda Cecil, staff to the committee, described the bill’s three main components: (1) create a recurring COLA for PERS 1 and TRS 1 retirees similar to the COLA available to Plan 2 and Plan 3 retirees (up to 3% based on inflation); (2) amortize the cost of that COLA and future benefit improvements over 15 years (current law generally uses 10 years); and…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
