HB2136 increases monthly benefits for certain retirees of the teachers' retirement system plan 1.
HB2136 amends the teachers' retirement system plan 1 to provide benefit increases for retirees. Beneficiaries receiving benefits on July 1, 2017, will receive a 1.5% increase, not to exceed $62.50, effective July 1, 2018. Those receiving benefits on July 1, 2019, will receive a 3% increase, not to exceed $62.50, effective July 1, 2020. Beneficiaries on July 1, 2021, will receive a 3% increase, not to exceed $110.00, effective July 1, 2022. The same increase applies to those on July 1, 2022, and July 1, 2023, effective July 1, 2023, and July 1, 2024, respectively.
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