FISCAL NOTE

Senate Bill 30 as amended and reported by the Committee on Ways and Means Education provides a one-time lump-sum longevity bonus of $2 per month for each year of service to retirees of the Teachers’ Retirement System (TRS) whose effective date of retirement is prior to March 1, 2022, or their beneficiaries to be paid in April 2022. According to the actuary for the Retirement Systems of Alabama, the cost to fund these lump-sum payments is an estimated $58.4 million in Fiscal Year 2022, which will be funded by an appropriation made in House Bill 138.

The Committee on Ways and Means Education substitute for HB 138 includes an appropriation of $58.4 million, as provided by the provisions of this bill.