HB529 Summary

• Amends the City of Tuscaloosa's police and firefighter retirement system (Act 99-568) to change eligibility requirements: new members must complete 25 years of service regardless of age, or reach age 52 with 20 years of service.

• Increases member contributions from 11.25% to 11.50% and city contributions from 13.25% to 13.50% of salary.

• Expands the Deferred Retirement Option Plan (DROP) period from a maximum of 3 years to not more than 5 years, and allows current participants to increase their DROP period retroactively.

• Provides immediate survivor benefits to spouses and dependent children of members hired after the effective date who die after completing 20 years of service but before becoming eligible to draw pension benefits.

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