Establishes the Retirement Benefit Improvement Fund to enhance retirement benefits for state employees and teachers.

This bill creates the Retirement Benefit Improvement Fund, a nonlapsing fund to improve retirement benefits for retired state employees and teachers. It mandates annual transfers of surplus General Fund revenue to this fund. The fund's resources are to be used for cost-of-living adjustments to retirement benefits. If the fund's balance is sufficient, the State Controller must transfer funds to the retirement system to increase these adjustments. The chief executive officer of the retirement system must report annually on the fund's status and activity.

Establishes the Retirement Benefit Improvement Fund to enhance retirement benefits for state employees and teachers.

This bill creates the Retirement Benefit Improvement Fund, a nonlapsing fund to improve retirement benefits for retired state employees and teachers. It mandates annual transfers of surplus General Fund revenue to this fund. The fund's resources are to be used for cost-of-living adjustments to retirement benefits. If the fund's balance is sufficient, the State Controller must transfer funds to the retirement system to increase these adjustments. The chief executive officer of the retirement system must report annually on the fund's status and activity.