An Act Establishing The Retirement Benefit Improvement Fund

This bill establishes a Retirement Benefit Improvement Fund to increase cost-of-living adjustments for retired state employees and teachers. The fund will receive 20% of the state's unappropriated General Fund surplus annually after other required transfers. Money in the fund will be used to increase the portion of retirement benefits subject to cost-of-living adjustments by at least $500 each year. The retirement system will determine if the fund has sufficient resources for the increase, and if so, will notify the State Controller to transfer funds, with the fund carrying over year to year until the full adjustment is applied.