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304:1 Retirement System; Additional Allowance; Appropriation.
I. An additional one-time allowance of $500 shall be paid during state fiscal year 2019 to retired members of the retirement system receiving an allowance who are eligible as follows:
(a) The member retired with at least 20 years of creditable service;
(b) The member retired and has been receiving an allowance for at least 5 years prior to July 1, 2018; and
(c) The annual retirement allowance of the member on June 30, 2018 is not greater than $30,000.
II. The additional allowance shall not become a permanent addition to the member's base retirement allowance.
III. The sum necessary to fund the additional allowances granted under this act is hereby appropriated to the board of trustees of the retirement system. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
304:2 Effective Date. This act shall take effect July 1, 2018.
Approved: June 25, 2018
Effective Date: July 01, 2018
Text to be added highlighted in green.
304:1 Retirement System; Additional Allowance; Appropriation.
I. An additional one-time allowance of $500 shall be paid during state fiscal year 2019 to retired members of the retirement system receiving an allowance who are eligible as follows:
(a) The member retired with at least 20 years of creditable service;
(b) The member retired and has been receiving an allowance for at least 5 years prior to July 1, 2018; and
(c) The annual retirement allowance of the member on June 30, 2018 is not greater than $30,000.
II. The additional allowance shall not become a permanent addition to the member's base retirement allowance.
III. The sum necessary to fund the additional allowances granted under this act is hereby appropriated to the board of trustees of the retirement system. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
304:2 Effective Date. This act shall take effect July 1, 2018.
Approved: June 25, 2018
Effective Date: July 01, 2018