SB292 Summary

• Amends Sections 16-25-21 and 36-27-24 of the Alabama Code to increase the maximum funding period for calculating accrued liability contributions from 20 years to 30 years for both the Teachers' Retirement System and Employees' Retirement System.

• The accrued liability contribution rate can now be computed over a period determined by the Board of Control that ranges from 10 to 30 years (previously the upper limit was 20 years).

• Allows greater flexibility in pension funding timelines by extending the repayment period for unfunded accrued liabilities up to 30 years.

• Became effective immediately upon passage and approval by the Governor on March 11, 2010.