HB510 Summary

• Amends the City of Tuscaloosa police officers and firefighters retirement system to increase member contribution rates from 11.25% to 11.50% and city contribution rates from 13.25% to 13.50% of salary.

• Extends the Deferred Retirement Option Plan (DROP) maximum period from 3 years to 5 years, with existing members eligible to increase their DROP period from their original effective date.

• Establishes age 52 as the minimum retirement age for firefighters and police officers hired after the act's effective date, replacing the previous 20/25 years of service requirement for those new hires.

• Modifies retirement benefit calculations for existing members, including 6% annual adjustments for service below or above 25 years (up to maximum 5 years increase) and maintains minimum monthly benefits of $848.28 for members with at least 15 years of service.

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