AL HB240

Allows active and contributing members of the Teachers' Retirement System (TRS) or Employees' Retirement System (ERS) with at least 10 years of credible service to purchase prior service credit for employment with the United States Department of Agriculture Farm Service Agency between August 1, 1987, and February 28, 1998.

Members must pay the full actuarially determined cost for each year of claimed service to the system's Secretary-Treasurer within one year of the act's effective date.

Purchased service credit cannot duplicate any service already credited in the TRS, ERS, or other public retirement plans, except Social Security.

Purchased service years are excluded from calculating out-of-pocket health insurance premiums for retirees and do not accelerate health insurance eligibility under state plans.

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