SB3 Summary

• Provides a one-time funded lump-sum payment in fiscal year 2017-2018 to Teachers' Retirement System (TRS) retirees and beneficiaries who retired before October 1, 2016 and were receiving benefits on September 30, 2017.

• Calculates lump-sum payments for retirees at $2 per month for each year of service attained, or $300.00, whichever is greater.

• Provides deceased members' and retirees' beneficiaries a fixed lump-sum payment of $300.00 if the death or retirement occurred before October 1, 2016 and the beneficiary was receiving benefits on September 30, 2017.

• Excludes individuals whose Medicaid eligibility would be impaired by the lump-sum payment, and excludes those who subsequently apply for Medicaid if the payment would impair their eligibility.

• Appropriates funds from the Education Trust Fund to TRS with payment due by October 31, 2017, and requires all eligible recipients to receive payments by December 2017.