SB111 Summary

• Provides a one-time funded longevity bonus of $2 per month for each year of service to eligible Employees' Retirement System retirees who retired before March 1, 2022 and are receiving benefits on March 30, 2022.

• Extends longevity bonus eligibility to beneficiaries of deceased members and retirees under the same retirement date and benefit receipt conditions.

• Allows optional participation for employers participating under Sections 36-27-6, 36-27-7, and 36-27-7.1 by official resolution by August 31, 2022, with employers bearing the cost of bonuses paid to their retirees.

• Excludes individuals whose Medicaid eligibility would be impaired by the bonus and individuals who apply for Medicaid after receiving the bonus.

• Requires payment of bonuses in April 2022 for most recipients and October 2022 for those from employers in the optional participation category.