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AL SB500
Bill
Status
5/9/2012
Primary Sponsor
Dick Brewbaker
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AI Summary
SB500 Summary
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Amends Section 7 of Act 2009-473 to authorize the mayor to increase employee retirement contributions with board approval, raising the base contribution rate from 6% to a maximum of 8% of earnable compensation.
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Allows the mayor to increase employee contribution amounts by up to 1% annually, not to exceed 8% total of the member's earnable compensation.
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Maintains that employee contributions are treated as city payments under Internal Revenue Code Section 414(h)(2) and that retirement allowances and total contributions remain unaffected by the change.
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Takes effect on the first day of the third month following passage and approval by the Governor.
Legislative Description
Montgomery, retirement system, mayor authorized to increase employee contribution to eight percent upon approval of the retirement board, Act 2009-473, 2009 Reg. Sess., am'd
Montgomery County
Last Action
Read for the first time and referred to the House of Representatives committee on Montgomery County Legislation
5/9/2012