HB39 - Truth in Salary Act Summary

• State agencies, local boards of education, and public colleges/universities must provide annual itemized statements to employees and retirees by January 31, 2016, and every year thereafter.

• Statements must include itemized employee and pension benefits accrued or received, plus employer contributions to applicable retirement systems and health insurance plans.

• Statements must disclose the funded ratio of retirement systems (total assets and liabilities) and the percentage of General Fund or Education Trust Fund appropriations used for retirement and health insurance contributions.

• State Comptroller's Office, Department of Education, Department of Postsecondary Education, Administrative Office of Courts, and four-year universities administer statements to their employees; Retirement Systems of Alabama administers statements to retirees.

• Bill determined to have aggregate fiscal impact of less than $50,000 annually and becomes effective immediately upon passage.