An Act amending Titles 24 (Education), 71 (State Government) and 72 (Taxation and Fiscal Affairs) of the Pennsylvania Consolidated Statutes, in membership, contributions and benefits, providing for supplemental annuity commencing 2025; in benefits, providing for supplemental annuity commencing 2025; providing for special funds and for disposition of Budget Stabilization Reserve Fund; establishing the Budget Stabilization Reserve Fund Interest Account; and making a repeal.

SB 721 creates a new supplemental annuity for certain Pennsylvania state retirees, effective July 1, 2025. It adds a monthly payment based on the retiree's original retirement date, ranging from 15% to 24.5% of their existing annuity (higher percentages for earlier retirees). This applies specifically to eligible recipients in the State Employees' Retirement System (Title 24) and another state retirement system (Title 71), excluding those with certain service classifications or who died before 2025. The additional payments will be funded through annual installments over 10 years starting in 2026. The bill does not change existing retirement eligibility or other benefit structures.