SB50 Summary

• School Superintendents of Alabama's governing body may elect by resolution to allow its executive officers and employees to continue participating in the Teachers' Retirement System of Alabama.

• School Superintendents of Alabama must pay employer costs calculated as a percentage of employee salaries in accordance with Code of Alabama 1975 Section 16-25-21, with monthly payments coordinated with member contributions.

• All benefits payable to beneficiaries are limited to amounts contributed by the beneficiary and employer plus earned interest and investment gains, minus administrative costs, with no cost to the State of Alabama.

• Executive officers and employees currently covered under the Teachers' Retirement System through affiliation with the Alabama Council for School Administration or Council for Leaders in Alabama Schools may continue enrollment with the School Superintendents of Alabama as their employer while preserving all established credits.

• The act becomes effective immediately upon passage and approval by the Governor.