SB267 Summary

• Provides a one-time funded lump-sum payment to Employees' Retirement System retirees with retirement effective dates prior to October 1, 2013, who are receiving benefits as of September 30, 2014.

• Payment formula is $2 per month for each year of service attained, or $300.00, whichever is greater; beneficiaries of deceased members or retirees receive a flat $300.00 payment.

• Service credit includes regular service, service under bonus credit provisions, state police bonus credit, and hazardous duty (FLC bonus) credit.

• Employers participating in certain sections of the Employees' Retirement System may elect to participate by passing official resolution by August 31, 2014, and must bear the cost of payments to their retirees.

• All eligible lump-sum payments are to be distributed by the Employees' Retirement System in October 2014; persons whose Medicaid eligibility would be impaired are excluded from receiving the increase.