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WA HB2124

Bill

Official Source

Status

Enrolled

3/10/2026

Primary Sponsor

Travis Couture

Click for details

Origin

House of Representatives

2025-2026 Regular Session

AI Summary

  • Increases the threshold for offering a lump sum payment instead of monthly retirement benefits from $50 to $250 for initial monthly benefits calculated below that amount
  • Requires the $250 threshold to be increased annually as determined by the director of the Department of Retirement Systems
  • Applies to five state retirement systems: Public Employees' Retirement System (PERS), Teachers' Retirement System (TRS), School Employees' Retirement System (SERS), Public Safety Employees' Retirement System (PSERS), and Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF)
  • Lump sum payments must equal the greater of the actuarial equivalent of monthly benefits or the individual's accumulated contributions plus accrued interest

Legislative Description

Concerning the threshold for payment of a lump sum retirement allowance in lieu of a monthly benefit.

Last Action

Delivered to Governor.

3/10/2026

Committee Referrals

Rules2/27/2026
Ways & Means2/18/2026
Rules1/27/2026
Appropriations1/12/2026

Full Bill Text

No bill text available