AL HB585

Alabama Higher Education Partnership, Inc. may elect via resolution to have its officers and employees participate in the Teachers' Retirement System.

The organization must pay monthly employer contributions calculated as a percentage of employee salaries in accordance with Section 16-25-21, Code of Alabama 1975.

The organization may credit prior service rendered by employees before the election date as creditable service, limited to employees actively employed on the effective date of the election.

The organization must assume and pay all costs necessary to fund the crediting of prior service, with costs determined by the actuary employed by the Board of Control of the Teachers' Retirement System.

The act becomes effective immediately upon passage and approval by the Governor.