Employees' Retirement System and Teachers' Retirement System; retirees and beneficiaries, two percent cost-of-living benefit increase effective October 1, 2026

SB 315 provides a 2% cost-of-living benefit increase for certain Alabama retirees and beneficiaries of the Employees' and Teachers' Retirement Systems, effective October 1, 2026. It applies to retirees who retired before October 1, 2025, and are currently receiving benefits, with a minimum $15 monthly increase. The increase requires annual legislative appropriation and depends on employer participation for specific retirement plans; beneficiaries of deceased retirees also qualify under the same terms. Retirees receiving Medicaid benefits may be excluded if the increase would impair their Medicaid eligibility.