AL SB298

Extends Act 2014-429 provisions to allow local units participating in the Employees' Retirement System an additional opportunity to elect participation by official resolution on or before September 30, 2015.

Requires lump-sum payments under Act 2014-429 to be distributed to all eligible recipients receiving benefits as of September 30, 2015 by December 2015.

Makes participating employers responsible for bearing the full cost of lump-sum payments made to their retirees under Act 2014-429.

Applies to employers participating in the Employees' Retirement System under Alabama Code Sections 36-27-6, 36-27-7, and 36-27-7.1.

Becomes effective immediately upon passage and approval by the Governor.