HB116 Summary

• Provides a one-time funded lump-sum payment in fiscal year 2021-2022 to eligible retirees of the Employees' Retirement System who retired before May 1, 2022 and are receiving benefits as of April 30, 2022.

• Calculates the lump-sum payment at $1.25 per month for each year of service attained by the retiree, including state police bonus credit and hazardous duty credit.

• Extends lump-sum payments to beneficiaries of deceased members or retirees who meet the same retirement date and benefit eligibility requirements as of April 30, 2022.

• Excludes from payment any person whose Medicaid eligibility would be impaired by the lump-sum payment, and applies this restriction prospectively to future Medicaid applicants.

• Directs the Board of Control to determine the cost of payments and notify employers of required rate increases; payments shall be distributed by June 2022 with costs budgeted in the 2023 fiscal year budget act.