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AL HB352
Bill
Status
2/17/2010
Primary Sponsor
Richard Lindsey
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AI Summary
HB 352 Summary
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Amends Sections 16-25-21 and 36-27-24 of the Alabama Code to increase the maximum funding period for accrued liability contributions from 20 years to 30 years for both the Teachers' Retirement System and the Employees' Retirement System.
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Changes the accrued liability contribution calculation period from "not less than 10 nor more than 20 years" to "not less than 10 nor more than 30 years" for both retirement systems.
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Allows the Board of Control to determine a longer amortization schedule for liquidating unfunded accrued liabilities, providing more flexibility in funding the pension obligations.
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Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.
Legislative Description
Teachers' Retirement System and Employees' Retirement System, pension accumulation fund, accrued liability contribution rate authorized to be computed by Board of Control over 30-year period, Sec. 16-25-21, 36-27-24 am'd.
Employees' Retirement System
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/23/2010