AL SB300

Provides a 3 percent cost-of-living increase in gross monthly benefits for Employees' Retirement System retirees who retired before October 1, 2023, with a minimum increase of $15 per month, effective October 1, 2024.

Applies to most ERS retirees and their beneficiaries, but excludes those whose employers participated in ERS under Sections 36-27-6, 36-27-7, and 36-27-7.1 of Alabama Code.

For excluded employers, participation in the benefit increase is optional and employer-elected; electing employers must bear the full cost of the increases for their retirees.

Payment of benefits is contingent on the annual cost being appropriated in the State General Fund budget by a separate employer rate; if not appropriated in any fiscal year, the increase is not paid that year but may resume in subsequent years.

Excludes individuals whose Medicaid eligibility would be impaired by the increase and becomes effective October 1, 2024.