HB214 Summary

• Provides a one-time lump-sum payment of $2,000 in fiscal year 2022-2023 to Teachers' Retirement System retirees whose retirement date was prior to March 1, 2022, and who are receiving or entitled to receive monthly benefits as of March 31, 2022.

• Extends the $2,000 lump-sum payment to beneficiaries of deceased members or retirees if the deceased person's death or retirement date was prior to March 1, 2022, and the beneficiary is receiving or entitled to receive monthly benefits as of March 31, 2022.

• Excludes any person whose Medicaid eligibility would be impaired by the lump-sum payment, and bars future payment to those who subsequently apply for Medicaid if the payment would impair their eligibility.

• Requires the Teachers' Retirement System to distribute all lump-sum payments to eligible recipients in May 2022.

• Conditions the appropriation upon availability of funds in the Education Trust Fund budget for fiscal year beginning October 1, 2022, recommendation by the Finance Director, and approval by the Governor.