SB288 Summary

• Provides a one-time lump-sum payment of $400.00 to each Teachers' Retirement System retiree with an effective retirement date prior to October 1, 2019, who is receiving or entitled to receive monthly benefits as of September 30, 2019.

• Extends the $400.00 lump-sum payment to beneficiaries of deceased members or retirees if the deceased person's date of death or retirement was prior to October 1, 2019, and the beneficiary is receiving or entitled to receive monthly benefits on September 30, 2019.

• Excludes any person currently receiving Medicaid benefits or anyone whose Medicaid eligibility would be impaired by the lump-sum payment from receiving the increase.

• Requires the Teachers' Retirement System to distribute all lump-sum payments to eligible recipients by December 2019.

• Conditions the appropriation on the availability of funds in the Education Trust Fund budget for fiscal year 2019-2020, the Finance Director's recommendation, and the Governor's approval.