Providing a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1.

HB 1474 increases monthly retirement benefits for specific retirees in Washington's Public Employees' Retirement System (PERS) Plan 1 and Teachers' Retirement System (TRS) Plan 1. Retirees receiving benefits as of certain dates (July 1, 2017-2024) will get a benefit increase equal to 1.5% or 3% of their current monthly benefit, capped at $62.50 or $110.00 depending on their eligibility date. The increases take effect on July 1 of the following year (e.g., benefits received as of July 1, 2023, get a 3% increase effective July 1, 2024). The bill excludes retirees covered under other retirement provisions and takes immediate effect due to an emergency declaration.