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AL SB472
Bill
Status
5/5/2011
Primary Sponsor
Jerry Fielding
Click for details
AI Summary
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Allow active and contributing members of Oxford Emergency Medical Services, Inc., to purchase prior non-qualified service credit for employment rendered before July 14, 2009, under the Employees' Retirement System.
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Members must have five or more years of creditable service in the Employees' Retirement System prior to purchasing up to five years of non-qualified service, as required by IRC Section 415(n)(3)(B).
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Members must pay the full actuarially determined cost for each year of claimed service as determined by the system's actuary.
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Service purchased under this act cannot be credited if the member is already credited for that service in another public retirement plan (except Social Security) and cannot be counted toward out-of-pocket premium amounts or PEEHIP or SEIB benefit eligibility.
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Effective date: October 1, 2011.
Legislative Description
Employees' Retirement System, reopened for purchase by Oxford Emergency Medical Services, Inc., employee for prior nonqualified service for employment rendered to Oxford Emergency Medical Services, Inc.
Retirement
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
5/5/2011