AL HB515

Tier II members of the Teachers' Retirement System or Employees' Retirement System who begin employment on or after October 1, 2022, receive an annual automatic 1 percent cost-of-living adjustment upon retirement if they complete at least 30 years of creditable service.

Survivor allowances for eligible retirees who selected monthly survivor allowance payments to designated beneficiaries are adjusted according to the member's original option selection.

Members receiving Medicaid benefits whose eligibility would be impaired by the cost-of-living increase are ineligible for the adjustment, including those who apply for Medicaid after retirement.

The act becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.