The following Act becomes effective July 1, 2006 and affects members of the Public School Employees Retirement System (PSERS). Act No. 915 (House Bill 1020) – Amends 47-4-101 to provide that no retirement application will, in any case, be effective earlier than the first of the month following the final month of the applicant’s employment. In addition, funds were appropriated by the 2006 General Assembly to provide an increase in the benefit formula for current and future retirees of the Public School Employees Retirement System from $13.50 to $14.00 for each year of service effective July 1, 2006. | 
