SB299 Summary

• Creates the Alabama Firefighters Annuity and Benefit Fund administered by a Board of Commissioners composed of a consumer member, two volunteer firefighters, and two paid firefighters appointed by various firefighter associations and the Governor.

• Establishes voluntary participation for paid and volunteer firefighters with monthly membership fees of $20, funded through optional $2 annual contributions via ad valorem tax statements.

• Fund assets invested and reinvested by the Employees' Retirement System of Alabama for a reasonable fee in accordance with ERS administrative policies.

• Provides retirement annuity benefits to members age 62 with at least 25 years of qualified service, disability benefits ($72-$180 monthly for up to 24 months depending on service length), and $2,500 death benefit to designated beneficiaries.

• Requires semiannual reports by executive director to the board and annual audits by the Chief Examiner of the Department of Examiners of Public Accounts; act becomes effective on the first day of the third month following passage.