The bill amends the Educational Retirement Act to provide a temporary, additional, non-compounding payment to retired members during fiscal years 2026 and 2027. Specifically, it introduces a new provision stating that retired members receiving an annuity will receive an annual payment calculated as two percent of their total annual annuity payments, including all prior cost-of-living adjustments. This additional payment aims to support retired educators during these fiscal years.

Additionally, the bill includes an appropriation of $60 million from the general fund to the educational retirement board to ensure adequate funding for these temporary payments. The bill stipulates that any unexpended or unencumbered balance at the end of a fiscal year will not revert to the general fund, allowing the board to utilize these funds as needed for the intended purpose.

Statutes affected:
introduced version: 22-11-31