AL HB392

Extends Act 2014-429 provisions to allow local employers participating in the Employees' Retirement System additional time to elect participation through September 30, 2015

Participating employers must adopt an official resolution by September 30, 2015 to come under Act 2014-429 provisions

Lump-sum payments under Act 2014-429 shall be distributed by the Employees' Retirement System in December 2015 to all eligible recipients receiving benefits as of September 30, 2015

Each employer making the election shall bear the full cost of the lump-sum payments made to its retirees

Act becomes effective immediately upon passage and approval by the Governor