Section 36 State Retiree COLA Fund and State Retiree Benefits Adjustment 11

Said section 102 of said chapter 32, as so appearing, is hereby further amended by adding the following 2 paragraphs:-
(h)(1) Upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of the state employees' retirement system and the teachers' retirement system who has attained at least 10 full years of retirement but less than 15 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase shall receive annually an additional $100 benefit to said increase. Said $100 benefit shall be granted only to members of the state employees' retirement system and the teachers' retirement system who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by the retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the retirement board in which they are a participant.
(2) Upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of the state employees' retirement system and the teachers' retirement system who has attained at least 15 full years of retirement but less than 20 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase shall receive annually an additional $200 benefit to said increase. Said $200 benefit shall be granted only to members of the state employees' retirement system and the teachers' retirement system who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by the retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the retirement board in which they are a participant.
(3) Upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of the state employees' retirement system and the teachers' retirement system who has attained at least 20 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase shall receive annually an additional $300 benefit to said increase. Said $300 benefit shall be granted only to members of the state employees' retirement system and the teachers' retirement system who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by the retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the retirement board in which they are a participant.
(i) For the purposes of this section, the maximum base amount shall initially be $13,000. Following the completion of the transfer required by paragraph (d) of subdivision (6B) of section 22, if in any calendar year in which the actuary certifies that the balance of the Cost of Living Reserve Fund, including the amount required to be credited to the fund for that calendar year, is not less than the actuarial present value of the total increase in system liabilities attributable to an increase of $1,000 in the maximum base amount, the maximum base amount shall be increased by $1,000, effective July 1 of the next fiscal year; provided, however, that the amount equal to said actuarial present value of the total increase in system liabilities shall be transferred from the Cost of Living Reserve Fund to the Commonwealth's Pension Liability Fund before such increase shall take effect.