AL SB265

Provides a one-time funded lump-sum payment to Teachers' Retirement System retirees with retirement effective dates prior to August 31, 2020, who are receiving monthly allowances 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 deceased retirees who meet the same retirement date and allowance receipt requirements.

Excludes individuals receiving Medicaid benefits whose eligibility would be impaired by the lump-sum payment, as well as those who subsequently apply for Medicaid if the payment would affect their eligibility.

Requires the Teachers' Retirement System to distribute all payments by October 31, 2020, with costs to be funded through the Education Trust Fund budget act for fiscal year 2021.