HB446 Summary

• Creates the Alabama Firefighters Annuity and Benefit Fund as a voluntary supplemental benefit program for paid and volunteer firefighters, administered by a five-member board of commissioners appointed by various firefighting organizations and the Governor.

• Establishes fund financing through $2 annual voluntary add-ons to property and casualty insurance policies starting January 1, 2011, plus $20 monthly member contributions.

• Provides retirement annuities for members age 62 with at least 25 years of qualified service, disability benefits ranging from $72-$180 monthly based on service length, and a $2,500 death benefit for active members.

• Designates the Employees' Retirement System of Alabama to invest fund assets for a reasonable fee and requires annual audits by the Department of Examiners of Public Accounts.

• Requires semiannual member records, three-year actuarial valuations, and allows members to withdraw with 90 percent refund of contributions or defer withdrawal for up to 36 months to preserve service credit if returning to firefighting.