SB215 Summary

• Provides a one-time lump-sum payment in fiscal year 2018-2019 to eligible Employees' Retirement System retirees with a retirement effective date prior to October 1, 2017.

• Calculates the lump-sum payment at $1 per month for each year of service attained by the retiree, including service credit, state police bonus credit, and hazardous duty credit.

• Extends eligibility to beneficiaries of deceased members or retirees who met the October 1, 2017 cutoff date, provided they are receiving or entitled to receive monthly allowance payments by September 30, 2018.

• Excludes retirees whose Medicaid eligibility would be impaired by the payment and those who subsequently apply for Medicaid where the payment would affect their eligibility.

• Directs the Board of Control to determine total cost and notify employers of required rate increases, with payments distributed in October 2018; passed the Senate 28-1 on February 27, 2018.