The Department of Retirement Systems (DRS) has the ability to convert the minimum monthly retirement benefit to a lump-sum payment for the Public Employees' Retirement System (PERS), the Teachers' Retirement System (TSR), the School Employees' Retirement System (SERS), the Law Enforcement Officers' and Fire Fighters' Retirement System (LEOFF), and the Public Safety Employees' Retirement System (PSERS). HB 2124 would allow the lump-sum payment to be increased from $50 to $250. The bill also allows the DRS director to increase the lump-sum payment amount annually.

The bill has passed out of the House and moved through Senate committees. It is now waiting to be voted on by the Senate. It will need to pass the Senate by the March 6 cutoff.