SB524 Summary

• Repeals and reenacts the Anniston Police and Firefighters Retirement Plan (Act 608, 1951), establishing a new comprehensive retirement system for sworn police officers and firefighters in the City of Anniston.

• Creates a five-member retirement board composed of elected representatives from retirees, fire department, police department, the city finance director, and a city council appointee to administer the plan.

• Establishes employee contribution rates of 10% (prior to October 1, 2002), transitioning to "pick-up contributions" of 10% (October 1, 2002) and 14% (October 1, 2012) paid by the city; participants hired before May 29, 1979 receive different benefit formulas than those hired after.

• Provides retirement benefits based on years of service (20+ years required for normal retirement), disability benefits for line-of-duty and off-duty injuries, death benefits for in-service deaths, and optional benefit plans with survivor annuities.

• Includes federal tax compliance provisions (Internal Revenue Code Section 415 limitations), minimum distribution requirements, rollover options, and establishes requirements for actuarial valuations and annual audits of the trust.