An Act relative to certain option B and option C retirees

This bill increases retirement allowances for certain pre-2004 retirees. Specifically, it provides a 4% raise for Option B retirees and a 12% raise for Option C retirees under Chapter 32 retirement systems. Retirement systems must formally adopt the change via board vote (with legislative approval), though the state teachers' and employees' systems are already included. The increase applies only to future payments starting from the bill's effective date, with no retroactive benefits for past years. It directly affects retirees who retired before July 1, 2004, under these specific retirement plan options.