FISCAL NOTE

Senate Bill 111 as introduced provides a one-time lump-sum bonus, of $1.25 per month for each year of service, to Employees' Retirement System (ERS) retirees whose effective date of retirement is prior to May 1, 2022, or their beneficiaries. The bonus will be provided for fiscal year 2022 only and will be paid in June 2022. The bonus will cost an estimated total of $9.4 million with the State General Fund portion not to exceed $2.6 million.

In fiscal year 2023, the employer rate paid by state agencies to the ERS will increase by 0.61% of payroll for state employees, and the employer rate paid by state agencies will increase by 0.73% for state police.