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AL HB35
Bill
Status
2/7/2017
Primary Sponsor
Craig Ford
Click for details
AI Summary
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Provides a one-time funded lump-sum payment in fiscal year 2017-2018 to Teachers' Retirement System retirees and beneficiaries who retired before October 1, 2016, and are receiving monthly benefits as of September 30, 2017.
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Calculates lump-sum payments at $2 per month for each year of service, with a minimum of $300, whichever is greater for active retirees.
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Provides beneficiaries of deceased members or retirees (with retirement or death prior to October 1, 2016) a flat $300 lump-sum payment.
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Excludes recipients whose Medicaid eligibility would be impaired by the lump-sum payment, both current and future applicants.
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Appropriates funds from the Education Trust Fund to the Teachers' Retirement System by October 31, 2017, with all eligible payments distributed by December 2017.
Legislative Description
Teachers' Retirement System, retirees, one-time lump sum retirement payment in December 2017, approp. from Edu. Trust Fund in Oct. 2017.
Teachers' Retirement System
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/7/2017