AL HB339

Provides a 4% cost-of-living increase to Teachers' Retirement System retirees who retired before October 1, 2025, have 25+ years of service, and receive annual benefits of $25,000 or less

Extends the same 4% increase to beneficiaries of deceased members/retirees who meet the qualifying criteria, with the deceased retiree's retirement date required to be before October 1, 2017

Effective date is October 1, 2026, with employers paying the full actuarial cost as an increased employer rate in fiscal year 2027

Excludes individuals whose Medicaid eligibility would be impaired by the benefit increase from receiving the cost-of-living adjustment

Payment contingent on annual legislative appropriation through the Education Trust Fund; if funding is not appropriated in any fiscal year, the increase will not be paid that year