AL HB463

Active and contributing members with at least 10 years of credible service in the Teachers' Retirement System or Employees' Retirement System may purchase prior service credit for employment as a student assistant or work/study student at an Alabama public college or university.

Eligible employment must have occurred between January 1, 1973, and December 31, 1975, and members receive credit on the basis of one-twelfth of a year for each month or portion of month worked.

Members must pay the full actuarially determined cost for each year of service credit before their retirement date and before October 1, 2011, with proof of service submitted by affidavit and supporting documentation.

Service purchased under this act does not count toward out-of-pocket premium amounts for retirees and does not advance health insurance eligibility beyond what the member could have achieved without the purchased service.

The provisions terminate on October 1, 2011, and the act becomes effective immediately upon passage and gubernatorial approval.