Loading chat...
AL HB498
Bill
Status
3/20/2018
Primary Sponsor
Alan Baker
Click for details
AI Summary
HB 498 Summary
-
Adds Option 5 to retirement benefits for members of the Teachers' Retirement System and Employees' Retirement System, allowing a partial lump-sum distribution as a single payment not to exceed 24 months of maximum monthly retirement allowance.
-
Option 5 may be elected in addition to other available options (Options 1-4) and the remaining monthly retirement allowance is recalculated based on the selected option.
-
Option 5 is not available to members receiving disability retirement benefits.
-
Option 5 becomes available to all members with retirement dates on or after October 1, 2018, allowing time for system implementation.
-
Amends Sections 16-25-14 and 36-27-16 of the Code of Alabama 1975 governing both the Teachers' Retirement System and Employees' Retirement System.
Legislative Description
Retirement of members of the Teachers' Retirement System and the Employees' Retirement System who elect to receive a reduced retirement allowance, additional option of electing to receive a partial lump-sum distribution as a single payment, provided for under certain conditions, Secs. 16-25-14 & 36-27-16 am'd.
Retirement
Last Action
Pending third reading on day 22 Favorable from Ways and Means Education
3/20/2018