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Changing careers can affect your retirement account. A cost of living adjustment (COLA) for PERS 1 recipients is making its way through the State legislative process. Copyright 2023 Washington State Department of Retirement Systems, Annual Comprehensive Financial Report (ACFR), Participating Employer Financial Information (PEFI). PDF Benefits Schedule - Washington State Department of Labor & Industries A Cost-of-Living Adjustment (COLA) is an increase to the pension benefit of a retiree or beneficiary (annuitant) that is meant to assist with rising inflation costs. Passed House, passed Senate, on to Governor. This minimum does not increase automatically. Dear Steve: At the Department of Retirement System's (DRS) request, we calculated the Law The Select Committee on Pension Policy directed preparation of an analysis and companion legislation for the 2022 Legislative session for two options: 1) annual, automatic consumer price index-based COLA up to 3% per year and 2) a . 1938 TRS Plan 1 opens. '{6+k\ :}sD-OH^5S|Tb&*}EihI^h>b.4CBCef m+ Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. More information can be found on the DRS COLA FAQ page. Public Safety Employees Retirement System (PSERS) Plan 2. Please refer to theDRS COLA FAQ webpage for additional information, including how to contact them. 2020 A one-time, permanent benefit increase of 3 percent up to $62.50 per month is provided to members not already receiving a minimum COLA benefit. 1977 PERS and TRS Plans 1 are closed to new members. Much of this analysis was conducted for the Select Committee on Pension Policy (SCPP), who has studied Plans 1 COLA proposals over several interims. PERS Plan 1 and TRS Plan 1 are among the oldest of the DRS plans and, at the time of their inception, inflation protection may not have been a concern or a need they were trying to address through the pension plan. endobj Washington Gov. Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2021. % The Public Employees Retirement System (PERS) system and Teachers Retirement System (TRS) covers state, county, most local government employees, teachers and other school employees. RPEC Treasurer Clair Olivers testified virtually during a select committee hearing in the fall. COLA rates established for 2022 - Retired Public Employees Council of WA