Relates to supplemental military retirement allowances for members of public retirement systems of the state

This bill creates a new supplemental retirement benefit for public employees who retired before May 31, 2016, and allows them to apply for this payment by December 31, 2024. The allowance is calculated based on the retiree's service credit and is capped at $1,500 per month, replacing any other military service credits they might have received. In addition to establishing this new benefit, the legislation updates several existing laws to ensure that future cost-of-living adjustments include this supplemental payment.