AL SB269

Provides a one-time funded lump-sum payment in fiscal year 2017-2018 to retirees and beneficiaries of the Employees' Retirement System with retirement effective dates prior to May 1, 2017.

Calculates lump-sum payments for retirees as $2 per month for each year of service or $300, whichever is greater, including state police bonus and hazardous duty credits.

Awards beneficiaries of deceased members or retirees a flat $300 lump-sum payment if the deceased retired prior to May 1, 2017.

Excludes recipients whose Medicaid eligibility would be impaired by the payment, both current recipients and those applying after the payment date.

Requires the Employees' Retirement System Board of Control to determine total cost and notify employers of required rate increases, with payments distributed in December 2017.