SB 21 would provide a one-time, funded lump-sum payment to certain Teachers' Retirement System retirees and their beneficiaries in 2018, based on years of service.
It creates a funded, one-time lump-sum payment for eligible TRS retirees and beneficiaries for fiscal year 2017-2018, calculated as $1 for each month of service. Eligible retirees are those who retired before May 1, 2018 and were receiving or entitled to monthly TRS benefits as of April 30, 2018, and eligible beneficiaries are those of deceased members or retirees who meet the same date and benefit conditions. The payments would be issued in June 2018, funded through the Education Trust Fund budget act for the 2019 fiscal year, and there is a provision excluding individuals whose Medicaid benefits would be impaired by the lump-sum payment.
Source: Alabama Legislature