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AL HB471
Bill
Status
3/27/2018
Primary Sponsor
John Knight
Click for details
AI Summary
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City of Montgomery and Montgomery Airport Authority may join the Employees' Retirement System of Alabama and transfer assets and liabilities from the existing city retirement system, notwithstanding Act 2013-385.
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Members who began participation prior to October 1, 2013 may elect to continue under the existing benefit structure or transfer to the Tier I plan.
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Members who began participation on or after October 1, 2013 become Tier II plan members, except police and fire personnel may elect to continue under the existing benefit structure.
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New employees hired after the city joins the state retirement system must participate in the Employees' Retirement System of Alabama.
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Annual certified retirement contribution amounts must be included in the respective budgets of the City of Montgomery and Montgomery Airport Authority.
Legislative Description
Montgomery and Montgomery Airport Authority, authorized to join Employees' Retirement System of Alabama and transfer assets and liabilities from existing Employees' Retirement System of the City of Montgomery under certain conditions
Montgomery Airport Authority
Last Action
Delivered to Governor at 2:28 p.m. on March 27, 2018.
3/27/2018