AL HB154

Provides a two percent cost-of-living adjustment to current Teachers' Retirement System retirees and survivor benefit recipients, effective October 1, 2016

Applies only to individuals whose effective retirement date was prior to October 1, 2015, or deceased members and retirees with retirement/death dates prior to October 1, 2015

Excludes individuals receiving Medicaid benefits whose eligibility would be impaired by the increase, and those who subsequently apply for Medicaid coverage

Requires the Board of Control of the Teachers' Retirement System to determine annually the cost of increased allowances and notify employers of the required contribution rates

Funding for the increased benefits shall be distributed from all funds in proportion to salaries paid for active members, pursuant to Code of Alabama 1975 Section 16-25-21