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AL SB2
Bill
Status
1/9/2018
Primary Sponsor
Shay Shelnutt
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AI Summary
SB2 Summary
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Reopens participation in the Deferred Retirement Option Plan (DROP) for members of the Employees' Retirement System (ERS) and Teachers' Retirement System (TRS), removing the March 24, 2011 participation deadline.
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Allows Tier I members to participate in DROP who have 25 years of creditable service, are at least 55 years old (or 52 for state police), and are eligible for service retirement.
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Allows Tier II members to participate in DROP who have 25 years of creditable service, are at least 62 years old (or 56 for firefighters, law enforcement, correction officers, and state police), and are eligible for service retirement.
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Permits DROP participation in one-year increments between three and five years total, with 80 percent of monthly retirement allowance deposited into a DROP account earning interest until withdrawal from service.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Retirement, Deferred Retirement Option Plan (DROP), options for Tier I and Tier II members to participate, reopened, Secs. 16-25-150, 16-25-151, 36-27-170, 36-27-171 am'd.
Deferred Retirement Option Plan (DROP)
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
1/9/2018