HB671 Summary

• Amends Section 7 of Act 2009-473 to authorize the mayor of Montgomery to increase employee retirement contributions with board approval, raising the cap from 6% to 8% of earnable compensation.

• Mayor may increase member contributions by up to 1% annually, not to exceed 8% total of member's earnable compensation.

• Clarifies that retirement system administration employees are employees of the City of Montgomery, with salaries and benefits paid proportionately by the City and Montgomery Airport Authority based on covered member payroll percentages.

• Specifies that investment-related expenses and fees paid to trustees and advisors must be paid by the retirement system itself from investment income, not from city appropriations.

• Becomes effective on the first day of the third month following passage and approval by the Governor.