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.