A recent meeting of the House Housing Committee in Washington highlighted pressing concerns for retirees, particularly regarding the need for a permanent cost of living adjustment (COLA) to support their financial stability. During the session, several representatives from the Washington State School Retirees Association and the Retired Public Employees Council voiced their support for House Bill 14 74, which proposes a one-time COLA increase for Plan 1 retirees.

Eileen Perfremet, representing 17,000 retirees, emphasized that while the proposed bill offers short-term relief, it fails to provide the ongoing security that many retirees desperately need. She urged lawmakers to consider Senate Bill 5085, which aims to restore a permanent COLA and could save the state $600 million over four years by combining retirement plans.

Linda Nelson, a retiree from King County, shared her personal struggles with rising living costs, stating that her pension has not kept pace with inflation. She expressed concern that without a recurring COLA, many retirees would face financial insecurity, particularly as essential expenses continue to rise.

Other retirees echoed these sentiments, highlighting the challenges of living on fixed incomes amid increasing healthcare and housing costs. They called for a more sustainable solution that would prevent them from having to return to the legislature each year for additional support.

While the committee acknowledged the importance of addressing these issues, concerns were raised about the financial implications of the proposed COLA on local governments. Candice Bach, representing the Association of Washington Cities, cautioned that increased costs could lead to reduced funding for essential services.

The meeting concluded with a commitment to further discuss the implications of House Bill 14 74 and explore potential pathways for a more permanent solution to support retirees. As the legislature continues to navigate these complex issues, the voices of retirees remain a critical part of the conversation, underscoring the need for policies that ensure their financial well-being in retirement.