(1) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2017, shall receive, effective July 1, 2018, an increase to their monthly benefit of one and one-half percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(2) Beneficiaries who are receiving a monthly benefit from the teachers' retirement system plan 1 on July 1, 2019, shall receive, effective July 1, 2020, an increase to their monthly benefit of three percent multiplied by the beneficiaries' monthly benefit, not to exceed sixty-two dollars and fifty cents.
(3) This section does not apply to those receiving benefits pursuant to RCW 41.32.489 or 41.32.540.
[ 2020 c 329 § 2; 2018 c 151 § 1.]
NOTES:
Effective date—2020 c 329: "This act takes effect July 1, 2020." [ 2020 c 329 § 3.]
Effective date—2018 c 151: "This act takes effect July 1, 2018." [ 2018 c 151 § 3.]