During a recent Senate Transportation meeting, discussions centered on the pressing need for cost-of-living adjustments (COLAs) for retired public employees, particularly those in the PERS 1 and TRS 1 retirement plans. Testimonies highlighted the financial struggles faced by retirees, many of whom have not seen their pensions keep pace with rising living costs.

Bonnie Jackless, a retired social worker, shared her personal experience, emphasizing that despite her years of service, her retirement benefits have not adequately supported her in the current economy. She noted that many retirees, particularly women, are living on fixed incomes that are increasingly strained by healthcare and housing costs. Jackless called for the restoration of an annual recurring COLA to provide long-term financial security for retirees.

Leanne Pre Lipp, representing WEA retired members, echoed these sentiments, stressing that the lack of a permanent COLA has led to ongoing hardships for retirees. She pointed out the disparity between the compensation of TRS 1 retirees and those in other pension plans, such as law enforcement and firefighters, urging the committee to provide a reliable COLA to prevent retirees from having to return to the legislature each year for adjustments.

The committee also heard from Sherry Sawyer of the Office of Financial Management, who supported House Bill 14 74, which proposes a one-time COLA. She acknowledged the financial implications of the bill but emphasized its importance in helping retirees keep pace with living costs.

However, concerns were raised by Candace Bach from the Association of Washington Cities, who cautioned that the costs associated with the proposed COLA could impact local government services. She urged the committee to consider the financial burden on city employers and to ensure that any costs are not passed down to local governments.

Claire Oliver, president of the Retired Public Employees Council of Washington, concluded the testimonies by advocating for both the one-time COLA and the reinstatement of a recurring COLA, which was revoked in 2011. She highlighted the significant loss of purchasing power experienced by retirees and called for prioritizing funding for these necessary adjustments.

The meeting underscored the urgent need for legislative action to support retired public employees, as many face financial difficulties that threaten their quality of life. The discussions will likely influence future decisions regarding pension adjustments and the financial well-being of retirees in Washington.