SB304 Summary

• Amends Section 36-27-24 of the Alabama Code to increase the maximum funding period for accrued liability contributions in the Employees' Retirement System from 20 years to 30 years.

• The accrued liability contribution rate is computed by the actuary to liquidate unfunded liabilities over a period determined by the Board of Control, which previously could not exceed 20 years.

• Allows the Board of Control greater flexibility in setting contribution payment schedules by extending the permissible timeframe from a range of 10-20 years to 10-30 years.

• Becomes effective immediately upon passage and approval by the Governor.