PA HB411

Establishes a new supplemental annuity for Pennsylvania public school employees (PSERS) and state employees (SERS) who retired before July 2, 2001, with payments beginning after July 1, 2025

Provides percentage increases to monthly annuity payments ranging from 15% (for those who retired July 2000-July 2001) to 24.5% (for those who retired before July 1982), with the percentage increasing by 0.5% for each earlier retirement year

Excludes retirees with Class T-D, Class D-4, or Class AA service credits, as well as multiple service members with certain service types in the other retirement system

Supplemental payments are automatic unless the annuitant opts out in writing, and follow the same terms as the retiree's existing option plan

Additional liability for PSERS to be funded in equal annual installments over 10 years beginning July 1, 2026; SERS funding follows existing actuarial cost method provisions