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

HB 1292 establishes an ongoing annual cost-of-living adjustment (COLA) for retirees in Plan 1 of Washington's Teachers' Retirement System (TRS) and Public Employees' Retirement System (PERS), starting July 2026. The bill uses the Consumer Price Index (CPI) to calculate annual increases, capping the first adjustment at 3% and limiting yearly changes to no more than a 3% difference from the prior year. It consolidates the costs of past COLA increases over a 15-year period while requiring new benefit improvements to be paid over a 10-year amortization. The bill directly affects current and future retirees in both systems who qualify under Plan 1, excluding those covered by specific exception provisions.