This 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 by multiplying their total annual annuity payments (including prior cost-of-living adjustments) by two percent. This additional payment aims to support retirees 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 specifies that any unexpended or unencumbered balance at the end of a fiscal year will not revert to the general fund, allowing the funds to be utilized for the intended purpose in subsequent years.

Statutes affected:
introduced version: 22-11-31