AL HB287

Provides a 5% cost-of-living increase to retirees and beneficiaries of the Employees' Retirement System with retirement effective dates prior to October 1, 2013, beginning October 1, 2014.

Exempts employees whose employers participated under Sections 36-27-6, 36-27-7, and 36-27-7.1 of the Alabama Code from automatic inclusion, but allows employers in these categories to elect coverage with costs borne by the employer.

Extends 5% increases to beneficiaries of deceased members and retirees meeting the pre-October 1, 2013 retirement date requirement.

Excludes individuals whose Medicaid eligibility would be impaired by the increase and applies restrictions to those who subsequently apply for Medicaid.

Requires the Board of Control of the Employees' Retirement System to determine annual funding costs and notify employers of required contribution rates.