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AL HB275
Bill
Status
1/14/2010
Primary Sponsor
Barbara Boyd
Click for details
AI Summary
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Amends Section 16-25-21 of the Alabama Code to increase the maximum funding period for calculating the accrued liability contribution rate for the Teachers' Retirement System from 20 years to 30 years.
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The accrued liability contribution rate is computed by the system's actuary based on each valuation to determine what percentage of total annual compensation is needed to liquidate unfunded accrued liabilities.
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The funding period is determined by the Board of Control and must be not less than 10 years; this bill extends the maximum allowable period from 20 to 30 years.
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Takes effect immediately upon passage and approval by the Governor or upon becoming law through other means.
Legislative Description
Teachers' Retirement System, pension accumulation fund, accrued liability contribution rate authorized to be computed by Board of Control over a 30-year period, Sec. 16-25-21 am'd.
Teachers' Retirement System
Last Action
Read for the first time and referred to the House of Representatives committee on Education Appropriations
1/14/2010