Retirement Systems of Alabama; to provide a benefit increase for certain retirees of the Teachers Retirement System

HB 339 would provide a 4% cost-of-living increase to certain Alabama Teachers' Retirement System retirees and their beneficiaries, effective October 1, 2026. It directly affects retirees who retired before October 1, 2025, have 25+ years of service, and receive $25,000 or less annually in benefits, as well as surviving spouses of retirees meeting similar criteria. The increase is subject to legislative funding approval each year and would not apply to individuals whose Medicaid eligibility would be impaired by the higher benefit. This change requires separate annual appropriations to fund the increase, with payments resuming only if the required funding is included in the Education Trust Fund budget.