SB339 Summary

• Provides a 2 percent cost-of-living increase to eligible Employees' Retirement System (ERS) retirees effective October 1, 2024, for those who retired before October 1, 2015, have at least 25 years of service, and receive annual benefits of $25,000 or less.

• Provides the same 2 percent cost-of-living increase to eligible Teachers' Retirement System (TRS) retirees under identical eligibility criteria: retirement before October 1, 2015, 25+ years of service, and annual benefits of $25,000 or less.

• Extends the benefit increase to beneficiaries of deceased members and retirees who meet the same eligibility requirements, with adjustments to survivor allowances as originally selected.

• Requires the ERS Board of Control and TRS Board of Control to calculate the actuarial cost and notify employers; employers shall pay the full cost as an increased rate during the fiscal year beginning October 1, 2025, only.

• Effective date: October 1, 2024.