The 2007 session wrapped up on April 22. Seventeen pension-related bills were passed and signed into law by Governor Gregoire. Below are highlights of the bills that affect retirees. For more detailed information, please visit the legislative section of our Web site.
Senate Bill 5175 – Age 66 COLA
PERS Plan 1 and TRS Plan 1: After you’ve been retired for at least a year, if you turn 66 at any time within the calendar year, you’ll receive the Uniform Cost of Living Adjustment (COLA) in July. Before this bill passed, a retiree who turned 66 in August, September, October, November or December would have to wait until the following July to receive the COLA.
House Bill 1266 – Expanding the $150,000 Death Benefit
Survivors of a retiree who dies from an occupational disease or duty-related illness are now eligible for the $150,000 lump sum death benefit. Before this bill, only survivors of public employees who died as a result of injuries sustained in employment were eligible to receive the benefit. The new bill applies to all members of PERS, TRS, SERS, LEOFF, WSPRS, PSERS, JRS, as well as state, school district, and higher education employees who are not members of a state retirement system.
House Bill 2391 – Gain Sharing Changes
House Bill 1262 – Post Retirement Employment
TRS Plan 1: If you are a TRS Plan 1 retiree, this bill increases the waiting period from 30 days to 45 days from the date of your retirement before you can return to employment and work more than 867 hours. If you wait 45 days from your retirement date before returning, you can work up to 1,500 hours without affecting your retirement benefit, if your employer has met certain requirements.
The bill also establishes requirements for employers. Your employer must now have a written policy for hiring retirees and document the need for hiring a retiree, as well as the hiring process used. Prior reemployment agreements are prohibited.
PERS Plan 1: The bill establishes the same requirements for employers that are listed above for TRS Plan 1.
Summer/Fall 2007