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AL HB1
Bill
Status
3/5/2019
Primary Sponsor
John Rogers
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AI Summary
HB1 Summary
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Renames the Deferred Retirement Option Plan (DROP) to the Employees' Investment Retirement Plan (EIRP) and reopens participation that had been prohibited after March 24, 2011.
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Tier I members of the Employees' Retirement System (ERS) and Teachers' Retirement System (TRS) may participate if they have at least 25 years of creditable service and are at least 55 years of age (or 52 for state police under ERS).
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Tier II members may participate if they have at least 25 years of creditable service and are at least 62 years of age (or 56 for law enforcement, firefighters, and correction officers under ERS).
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Participation periods must be between 3-5 years in one-year increments, with 80% of the monthly retirement allowance deposited into an EIRP account earning interest; members may participate only once.
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Becomes effective January 1, 2019.
Legislative Description
Retirement, Deferred Retirement Option Plan (DROP), open participation in Employees' Investment Retirement Plan (EIRP), 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 House of Representatives committee on Ways and Means General Fund
3/5/2019