AL HB67

Authorizes the School Superintendents of Alabama to elect, by resolution, to have its executive officers and employees participate independently in the Teachers' Retirement System of Alabama, separate from the Council for Leaders in Alabama Schools.

Requires the School Superintendents of Alabama to pay employer costs calculated as a percentage of employee salaries in accordance with Section 16-25-21, Code of Alabama 1975, with monthly payments made simultaneously with member contributions.

Limits all benefits payable to beneficiaries to the amount contributed by the beneficiary and employer, plus interest earned and investment gains, minus administration costs, with no cost to the State of Alabama.

Allows current executive officers and employees covered under Section 16-25-10.2 through affiliation with the Alabama Council for School Administration or Council for Leaders in Alabama Schools to continue enrollment while retaining all previously established retirement credits.

Becomes effective immediately upon passage and approval by the Governor.