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AL HB344
Bill
Status
2/22/2018
Primary Sponsor
Nathaniel Ledbetter
Click for details
AI Summary
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Allows any employer participating in Alabama's Employees' Retirement System to elect to provide Tier II plan members the same retirement benefits as Tier I plan members
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Employers must adopt the election through resolution within 24 months of the act's effective date, and the election becomes irrevocable and effective at the beginning of the next fiscal year after ERS receives the resolution
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Tier II plan members who elect this benefit must contribute 7.5% of their earnable compensation to the Employees' Retirement System
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Tier II plan members who are firefighters, law enforcement officers, or correctional officers must contribute 8.5% of their earnable compensation to the Employees' Retirement System
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The act becomes effective immediately upon passage and approval by the Governor
Legislative Description
Retirement, benefits for local employers participating in ERS, retirement benefits given to Tier I plan members authorized for Tier II plan members, Sec. 36-27-6.5 added
Retirement Systems
Last Action
Pending third reading on day 22 Favorable from Finance and Taxation General Fund
3/20/2018