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Bill

HB 1642

Providing additional plan choice to members of the teachers' retirement system plans 2 and 3, the school employees' retirement system plans 2 and 3, and the public employees' retirement systems plans 2 and 3.

2025-2026 Regular Session Introduced by Adam Bernbaum and 14 co-sponsors

HB 1642 expands retirement plan options for Washington public employees in TRS, SERS, and PERS to provide greater flexibility in structuring defined benefit and contribution retirement arrangements.

By resolution, reintroduced and retained in present status.
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WeVote Research Nonpartisan
Bill Summary · HB 1642

Legislative bill overview

HB 1642 expands retirement plan options for members of Washington's three major public employee retirement systems (Teachers' Retirement System, School Employees' Retirement System, and Public Employees' Retirement System) by allowing participants in Plans 2 and 3 to select from additional plan choices. The bill modifies existing defined benefit and defined contribution structures to provide greater flexibility in how public employees structure their retirement savings.

Why is this important

Public employee retirement security directly affects recruitment and retention of teachers, school staff, and government workers—positions critical to state services. How retirement plans are structured influences both employee take-home pay (through contribution rates) and long-term financial security. Changes to these systems also have significant fiscal implications for state budgets, as pension obligations represent substantial long-term liabilities.

Potential points of contention

  • Cost and fiscal impact: Expanding plan choices could increase administrative costs and create complexity in managing multiple plan structures; the fiscal note will be critical to understanding true state expense
  • Equity concerns: Different plan options may create disparities in retirement security depending on when employees joined or which option they selected, raising fairness questions
  • Market risk exposure: Shifting members between defined benefit (guaranteed) and defined contribution (market-dependent) plans could expose some employees to greater investment volatility and retirement income uncertainty

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

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