SB290 Summary

• Provides a one-time funded lump-sum bonus in fiscal year 2021-2022 to eligible Employees' Retirement System (ERS) retirees and beneficiaries who retired before October 1, 2020.

• Bonus amount for retirees consists of three parts totaling up to $600: $200 (or $100) based on annual benefit amount, $200 (or $100) based on retirement date, and $200 (or $100) based on years of creditable service.

• Beneficiaries of deceased members or retirees receive a flat $300 lump-sum bonus if eligible conditions are met.

• Employers participating in ERS must elect by September 1, 2020 to participate and must bear the cost of bonuses paid to their retirees; employers may receive rate increase notifications from the ERS to cover costs.

• Payments must be made by the ERS in December 2020; recipients currently receiving Medicaid benefits whose eligibility would be impaired by the bonus are excluded from receiving the increase.