This bill aims to provide a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1. It amends existing laws to establish a series of scheduled increases to monthly benefits for beneficiaries who have been receiving benefits on specific dates. For instance, beneficiaries receiving benefits on July 1, 2024, will see an increase of three percent effective July 1, 2025, with a cap of $110.00. The bill outlines similar increases for beneficiaries on previous dates, with varying percentages and caps.

Additionally, the bill includes a provision that specifies the new increases do not apply to those receiving benefits under certain other statutes. The act is declared an emergency measure, indicating its immediate necessity for the preservation of public peace, health, or safety, and it takes effect immediately upon passage.

Statutes affected:
Original Bill: 41.32.4992, 41.32.489