SB136 Summary

• Amends Section 36-26-14 of the Code of Alabama 1975 to authorize county employees and political subdivisions to participate in the State Personnel Board's deferred compensation plans.

• Requires that county or political subdivision employers must approve participation in the plan before their employees may participate.

• Allows plans to include participant loans, unforeseeable emergency or hardship distributions, Roth deferrals, rollovers, and other provisions compliant with Internal Revenue Code Section 403(b).

• Exempts county commission employees from participation in the deferred compensation programs.

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