AL HB330

Provides a one-time funded lump-sum payment of $400 to Teachers' Retirement System (TRS) retirees with an effective retirement date prior to October 1, 2017, who are receiving or entitled to receive monthly benefits as of September 30, 2018.

Extends the $400 lump-sum payment to beneficiaries of deceased TRS members or retirees if the member's death or the retiree's retirement date was prior to October 1, 2017, and the beneficiary receives monthly benefits as of September 30, 2018.

Excludes individuals receiving Medicaid benefits if the lump-sum payment would impair their eligibility, and applies the same restriction to future Medicaid applicants whose eligibility would be affected.

Requires the Board of Control of TRS to determine the cost and notify employers of required rate increases; employers must pay increases for fiscal year 2019-2020 from the same source as active member salaries.

Directs TRS to distribute all lump-sum payments to eligible recipients in October 2018.