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AL SB399

Bill

Status

Introduced

3/15/2012

Primary Sponsor

Gerald Dial

Click for details

Origin

Senate

Regular Session 2012

AI Summary

  • Reopens the Teachers' Retirement System (TRS) and Employees' Retirement System (ERS) to allow active members with at least 10 years of credible service to purchase prior service credit for employment with the U.S. Department of Agriculture Farm Service Agency.

  • Limits eligibility to employment that occurred between August 1, 1987, and February 28, 1998.

  • Members must pay the full actuarially determined cost for each year or portion of service credit prior to their retirement date and before October 1, 2012.

  • Members prove prior service through affidavit and supporting documentation submitted to TRS or ERS, which then calculates required contributions.

  • All provisions terminate on October 1, 2012, and members must fully exercise and pay for the option by that deadline.

Legislative Description

Teachers' Retirement System and Employees' Retirement System, reopened for purchase of prior service credit for employment with U.S. Department of Agriculture Farm Service Agency

Retirement

Last Action

Read for the first time and referred to the Senate committee on Finance and Taxation Education

3/15/2012

Committee Referrals

Finance and Taxation Education3/15/2012

Full Bill Text

No bill text available