(1) Beginning July 1, 1995, and annually thereafter, the retirement allowance of a person meeting the requirements of this section shall be increased by the annual increase amount.

     (2) The following persons shall be eligible for the benefit provided in subsection (1) of this section:

     (a) A beneficiary who has received a retirement allowance for at least one year by July 1st in the calendar year in which the annual increase is given and has attained at least age sixty-six by December 31st in the calendar year in which the annual increase is given; or

     (b) A beneficiary whose retirement allowance is lower than the minimum benefit provided under RCW 41.32.4851.

     (3) The following persons shall also be eligible for the benefit provided in subsection (1) of this section:

     (a) A beneficiary receiving the minimum benefit on June 30, 1995, under RCW 41.32.485; or

     (b) A recipient of a survivor benefit on June 30, 1995, which has been increased by *RCW 41.32.575.

     (4) If otherwise eligible, those receiving an annual adjustment under RCW 41.32.530(1)(d) shall be eligible for the annual increase adjustment in addition to the benefit that would have been received absent this section.

     (5) Those receiving a temporary disability benefit under RCW 41.32.540 shall not be eligible for the benefit provided by this section.

     (6) The legislature reserves the right to amend or repeal this section in the future and no member or beneficiary has a contractual right to receive this postretirement adjustment not granted prior to that time.

[2007 c 89 § 2; 1995 c 345 § 2.]

NOTES:

     *Reviser's note: RCW 41.32.575 was repealed by 1995 c 345 § 11.

     Effective date -- 2007 c 89: See note following RCW 41.40.197.

     Intent -- 1995 c 345: "The intent of this act is to:

     (1) Simplify the calculation of postretirement adjustments so that they can be more easily communicated to plan 1 active and retired members;

     (2) Provide postretirement adjustments based on years of service rather than size of benefit;

     (3) Provide postretirement adjustments at an earlier age;

     (4) Provide postretirement adjustments to a larger segment of plan 1 retirees; and

     (5) Simplify administration by reducing the number of plan 1 postretirement adjustments to one." [1995 c 345 § 1.]

     Effective date -- 1995 c 345: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately [May 12, 1995]." [1995 c 345 § 14.]