Loading chat...
AL SB399
Bill
Status
3/15/2012
Primary Sponsor
Gerald Dial
Click for details
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