HB44 Summary

• Amends Section 36-26-14 of the Alabama Code to authorize county employees to participate in the State Personnel Board's deferred compensation plans, subject to county or political subdivision approval.

• Changes the Personnel Board's authority from "shall" to "may" regarding adoption and establishment of deferred compensation plans, while maintaining the existing exclusion for county commission employees.

• Allows plan participants to include provisions such as participant loans, hardship distributions, Roth deferrals, rollovers, and distributions for retiree health insurance, provided they comply with Internal Revenue Code requirements.

• Permits retirees receiving benefits from Alabama's public retirement systems to deduct retiree health insurance costs from deferred compensation distributions in accordance with IRS guidelines.

• Becomes effective immediately upon passage and approval by the Governor.