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AL HB289
Bill
Status
1/14/2010
Primary Sponsor
John Knight
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AI Summary
HB289 Summary
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Amends Section 36-27-24 of the Code of Alabama, 1975 to increase the maximum funding period for calculating the accrued liability contribution rate for the Employees' Retirement System from 20 years to 30 years.
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Changes the Board of Control's authority to determine the period over which the accrued liability is liquidated from "not less than 10 nor more than 20 years" to "not less than 10 nor more than 30 years."
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Allows actuaries to spread pension funding obligations over a longer period, which reduces annual contribution requirements but extends the repayment timeline.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Employees' Retirement System, pension accumulation fund, accrued liability contribution rate authorized to be computed by Board of Control over 30-year period, Sec. 36-27-24 am'd.
Employees' Retirement System
Last Action
Read for the first time and referred to the House of Representatives committee on Government Appropriations
1/14/2010