AL SB172

Provides a one-time funded lump-sum payment in fiscal year 2021-2022 to Teachers' Retirement System retirees who retired before April 30, 2021, and are receiving benefits by June 30, 2021, with a minimum of 10 years of service.

Calculates lump-sum payments at $3 per month for each year of service, with a minimum payment of $360 for eligible retirees with at least 10 years of service.

Provides beneficiaries of deceased members or retirees (meeting the same retirement date and benefit receipt requirements) a flat $300 lump-sum payment.

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

Requires the Teachers' Retirement System to distribute all lump-sum payments by December 15, 2021, with funding to be included in the Education Trust Fund budget for fiscal year 2022.