Budget & Taxes (Pensions)

in committee · Washington · Senate Mar 3, 2026

SB 6357: Concerning budget sustainability.

This bill updates Washington state budget requirements to improve financial transparency and sustainability. It mandates that the governor's budget documents include detailed revenue and expenditure estimates, performance indicators, and specific financial data such as debt service costs and retirement system obligations. The legislation also requires that future budgets maintain a positive ending fund balance and ensure maintenance level spending does not exceed available fiscal resources. These changes directly affect the governor's office, state agencies, and the legislature by standardizing how budget information is presented and ensuring long-term fiscal planning.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill promotes fiscal responsibility, transparency, and budget sustainability through detailed reporting and balanced budget requirements.90% confidence

Sub-Topics Government Spending Pensions State Budget

Track

in committee · Washington · Senate Feb 5, 2026

SB 6324: Including standby pay as basic salary in the law enforcement officers' and firefighters' retirement system plan 2.

SB 6324 amends Washington State's retirement system (Plan 2) for law enforcement officers and firefighters by including standby pay in the calculation of "basic salary." Standby pay is compensation received when personnel are required to be available for immediate work but aren't actively working. This change increases retirement benefits for affected members by counting this pay toward their pension base. The bill specifically excludes lump-sum payments for unused leave or severance pay from the calculation.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases retirement benefits by including standby pay, raising state expenditure on public sector pensions within budget framework.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill expands retirement benefits for law enforcement/firefighters by including standby pay in pension calculations, directly increasing worker compensation under employment standards.95% confidence

Sub-Topics Pensions

Track

in committee · Washington · House Jan 12, 2026

HB 2136: Providing a benefit increase to certain retirees of the teachers' retirement system plan 1.

HB 2136 increases monthly retirement benefits for certain teachers' retirees under Washington's Plan 1 system. It provides a 1.5% benefit increase (capped at $62.50) for retirees receiving benefits as of July 1, 2017, effective July 2018, and three 3% increases (capped at $110) for retirees as of July 1, 2021-2025, effective July 2022-2026. The bill calculates each increase as a percentage of the retiree's current monthly benefit, but the total increase cannot exceed the specified cap. It excludes retirees covered by specific other retirement provisions under RCW 41.32.489 or 41.32.540.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases state spending on teacher retiree benefits, adding to government expenditure under fiscal management without tax changes.95% confidence

Sub-Topics Pensions

Track

signed · Washington · Senate Mar 30, 2026

SB 5862: Providing a cost-of-living adjustment for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

SB 5862 would provide annual cost-of-living adjustments for retirees in Washington's Plan 1 teachers' and public employees' retirement systems. It specifies 1.5% or 3% increases to monthly benefits, with maximum monthly increases of $62.50 or $110 depending on the year. These adjustments apply to retirees receiving benefits as of July 1 in specific years (2017-2025), effective July 1, 2026. The bill does not affect retirees under other benefit categories.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases state spending on retiree benefits via COLA adjustments, funding essential retirement program under public employee budget.95% confidence

Sub-Topics Pensions

in committee · Washington · House Jan 12, 2026

HB 1790: Increasing defined benefit accrual for specified years of service in the state retirement systems.

HB 1790 increases retirement benefits for Washington state employees in multiple retirement systems (including those for public employees, teachers, and law enforcement). It adds an extra 0.5% of an employee's average final salary per year for service beyond 30 years, effective for future service. This applies specifically to employees who reach 30+ years of service after the bill takes effect. The change modifies existing retirement formulas in statutes covering various state retirement plans (RCW 41.32.760, 41.32.840, 41.35.400, 41.35.620, 41.40.620, and 41.40.790).

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases state spending on retirement benefits for public employees by modifying retirement formulas, directly impacting government budget allocation for essential personnel compensation.92% confidence ✓ Labor & EmploymentSupports Labor & EmploymentIncreases retirement benefits (0.5% per year beyond 30 years) for state employees, expanding worker benefits under employment standards.95% confidence

Sub-Topics Pensions Public Employees Retirement Benefits

Track

in committee · Washington · House Jan 12, 2026

HB 1292: 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.

Topics ✓ Budget & TaxesSupports Budget & TaxesEstablishes mandatory annual state spending on retiree COLA increases, increasing budget obligations for retirement benefits.90% confidence

Sub-Topics Pensions

Track

in committee · Washington · House Jan 12, 2026

HB 1510: Concerning participation in the public employees' retirement system judicial benefit multiplier program by commissioners of the supreme court and court of appeals.

HB 1510 expands Washington's judicial retirement benefit program to include supreme court and court of appeals commissioners, who were previously excluded. It allows current commissioners to elect a 1.5% annual benefit multiplier for future service (effective 2026) and permits past commissioners to retroactively purchase higher benefits for prior service (2028 window), subject to a 75% cap on total benefits. Commissioners must pay 5% of salary plus 5.5% interest for retroactive purchases, with costs limited to the actuarial value of the increased benefit. This applies to members of the Public Employees' Retirement System (PERS) under Plans 1 or 2.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill expands judicial retirement benefits, increasing state spending on employee compensation for a specific group of state employees.90% confidence

Sub-Topics Pensions

Track

in committee · Washington · Senate Jan 12, 2026

SB 5113: Concerning cost-of-living adjustments for plan 1 retirees of the teachers' retirement system and public employees' retirement system.

SB 5113 establishes a new annual cost-of-living adjustment (COLA) for retirees in Plan 1 of Washington’s Teachers’ Retirement System and Public Employees’ Retirement System, effective July 2026. It uses the Seattle-area Consumer Price Index to calculate yearly increases, capping annual adjustments at 3% and ensuring payments never fall below the original benefit amount. The bill consolidates past COLA costs into a 15-year funding plan while keeping future benefit improvements on a standard 10-year amortization schedule. This directly affects current and future retirees in these systems who have been enrolled for at least one year, providing predictable, inflation-linked increases to their monthly retirement payments.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes structured 15-year funding plan for retirement COLA adjustments, promoting fiscal responsibility in state budget management of retirement benefits.90% confidence

Sub-Topics Pensions

Track

signed · Washington · Senate May 20, 2025

SB 5357: Concerning actuarial funding of pension systems.

SB 5357 modifies the actuarial funding process for several Washington state public pension systems, affecting retirement plans for public employees, teachers, and law enforcement, among others. A key provision updates the long-term economic assumptions used by the state actuary for valuation purposes, effective July 1, 2025. These changes include lowering the assumed inflation rate from 3.5% to 2.75% and the investment rate of return from 8% to 7.25%. The bill also sets specific funding goals for different pension plans and suspends contribution rates for Public Employees' Retirement System Plan 1 and Teachers' Retirement System Plan 1 during the 2025-2027 and 2027-2029 fiscal biennia.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill updates pension funding assumptions to more conservative rates (lower inflation/investment returns), promoting fiscal responsibility by ensuring adequate long-term pension funding through prudent budget planning.90% confidence

Sub-Topics Pensions

signed · Washington · House Apr 1, 2026

HB 2034: Concerning termination and restatement of plan 1 of the law enforcement officers' and firefighters' retirement system.

HB 2034 terminates and restates Washington's LEOFF Plan 1 for law enforcement and firefighter retirement, effective June 30, 2029. The bill ensures all current benefits for retirees and survivors (over 6,000 beneficiaries) continue uninterrupted during the transition, while transferring sufficient assets to cover all future obligations. Any surplus assets - currently over $3.3 billion - will revert to the state after all liabilities are fully satisfied. The legislation directly affects only existing beneficiaries, as Plan 1 now has only four active members and has exceeded full funding for decades.

Topics ✓ Budget & TaxesSupports Budget & TaxesReturns $3.3B surplus to state budget after covering liabilities, promoting fiscal responsibility without tax changes.85% confidence ✓ Labor & EmploymentSupports Labor & EmploymentEnsures uninterrupted retirement benefits for LEOFF retirees (6,000+ beneficiaries), protecting existing employment benefits without reducing coverage or obligations.90% confidence

Sub-Topics Pensions