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Bill

HB 1292

Concerning cost-of-living adjustments for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

2025-2026 Regular Session Introduced by Dan Bronoske and 16 co-sponsors

HB 1292 provides cost-of-living adjustments to Washington Plan 1 retirees from TRS and PERS to restore purchasing power eroded by inflation and fixed pension payments.

First reading, referred to Appropriations.
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Bill Summary · HB 1292

Legislative bill overview

HB 1292 would provide cost-of-living adjustments (COLAs) to Plan 1 retirees under Washington's Teachers' Retirement System (TRS) and Public Employees' Retirement System (PERS). Plan 1 is a closed pension system covering employees hired before specific cutoff dates, with historically lower automatic adjustments than newer retirement plans.

Why is this important

Plan 1 retirees have experienced significant erosion of purchasing power over decades due to limited COLA provisions. This bill directly affects thousands of retired teachers and public employees whose fixed retirement income has not kept pace with inflation, impacting their ability to afford basic living expenses in Washington's rising cost-of-living environment.

Potential points of contention

  • Fiscal impact and state budget: COLAs for Plan 1 retirees represent a substantial unfunded liability that would require either increased employer contributions or general fund appropriations during tight budget cycles
  • Fairness between cohorts: Plan 2 and Plan 3 retirees have different benefit structures; adjusting only Plan 1 raises questions about equitable treatment across retirement tiers
  • Precedent and future obligations: Establishing enhanced COLAs could create pressure to regularly adjust benefits, potentially exceeding actuarial projections and straining long-term pension fund solvency

Compiled from official sources — confirm details with the bill’s official record.

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