AL SB30

Provides a one-time longevity bonus payment in fiscal year 2021-2022 to Teachers' Retirement System retirees with retirement effective dates prior to March 1, 2022, who are receiving or entitled to receive monthly benefits as of March 30, 2022.

Calculates the bonus at $2 per month for each year of service attained by the retiree.

Extends the same $2 per month per year of service benefit to beneficiaries of deceased members or retirees who are receiving or entitled to receive monthly allowances on March 30, 2022.

Excludes individuals whose Medicaid eligibility would be impaired by the bonus payment, including those who subsequently apply for Medicaid benefits.

Directs the Teachers' Retirement System to pay all longevity bonuses to eligible recipients in April 2022, with funding to be appropriated through HB 138.