This bill amends the Educational Retirement Act to provide a temporary, additional, non-compounding payment to retired members during fiscal years 2027 and 2028. 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 all prior cost-of-living adjustments) by two percent. This new section is inserted as subsection C, while the previous subsection C is deleted, and the subsequent subsections are renumbered accordingly.

Additionally, the bill includes an appropriation of $65.5 million from the general fund to the educational retirement board to ensure adequate funding for these temporary payments in fiscal year 2027 and beyond. The bill stipulates that any unspent funds at the end of a fiscal year will not revert to the general fund, allowing the educational retirement board to utilize the funds as needed for the intended purpose.

Statutes affected:
introduced version: 22-11-31