SB 11 Summary

• Establishes a one-time longevity bonus payment for retirees and beneficiaries of the Employees' Retirement System with an effective retirement date prior to March 1, 2022, who are receiving benefits as of March 30, 2022.

• Calculates the bonus as $2 per month for each year of service or $300, whichever is greater; deceased member beneficiaries receive a flat $300 payment.

• Employers participating under certain statutory sections may opt into the program by August 31, 2022, and must bear the full cost of bonuses paid to their retirees.

• Excludes individuals whose Medicaid eligibility would be impaired by the bonus payment.

• Payments are due in April 2022 for most recipients and October 2022 for recipients whose employers participated under specified statutory sections.