AL HB380

Provides a funded one-time lump-sum payment in fiscal year 2020-2021 to Teachers' Retirement System retirees and beneficiaries with retirement effective dates prior to August 31, 2020, who are receiving or entitled to receive monthly benefits by October 31, 2020.

Calculates lump-sum payments at $3 per month for each year of service attained by the retiree.

Extends lump-sum payments to beneficiaries of deceased members or retirees if the deceased retiree's retirement effective date was prior to August 31, 2020, and the beneficiary receives or is entitled to receive monthly benefits by October 31, 2020.

Excludes individuals currently receiving Medicaid benefits whose eligibility would be impaired by the lump-sum payment, and those who subsequently apply for Medicaid and whose eligibility would be impaired after filing the application.

Requires the Teachers' Retirement System to distribute all lump-sum payments to eligible recipients by October 31, 2020, with funding provided through the annual Education Trust Fund budget act for fiscal year 2021.