SB437 Summary

• The governing body of the Alabama Higher Education Partnership, Inc., may elect by resolution to allow its officers and employees to participate in the Teachers' Retirement System under all applicable rules and regulations.

• Eligible employees and officers become entitled to all benefits of the Teachers' Retirement System, with the organization paying employer contributions monthly 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 eligible employees and officers before the election date as creditable service, with the organization responsible for all costs to fund such prior service credits as determined by the Teachers' Retirement System's actuary.

• The act becomes effective immediately upon passage and approval by the Governor, or upon becoming law.