AL HB137

Provides a one-time funded lump-sum payment in fiscal year 2021-2022 to Teachers' Retirement System (TRS) retirees and beneficiaries with retirement dates prior to May 1, 2022, who are receiving or entitled to receive benefits on April 30, 2022.

Calculates lump-sum payments at $1.25 per month for each year of service attained by the retiree.

Extends eligibility to beneficiaries of deceased TRS members or retirees if the member's death or retiree's retirement date was prior to May 1, 2022, and the beneficiary receives or is entitled to receive monthly benefits on April 30, 2022.

Excludes individuals currently receiving Medicaid benefits whose eligibility would be impaired by the payment, and those who subsequently apply for Medicaid if the payment would impair their eligibility.

Directs the Teachers' Retirement System to distribute all lump-sum payments to eligible recipients in June 2022, with funding to be appropriated through a separate bill.