AL HB389

Allows active and contributing members of the Teachers' Retirement System to purchase up to two years of service credit for time served as a postdoctoral research fellow at any public college or university in Alabama.

Members must pay the full cost for each year of claimed service as determined by the system's actuary to the secretary-treasurer of the system.

Members must remit required contributions within one year from October 1, 2021 to receive credit for the prior service.

Prevents members from receiving credit for service already credited in the Teachers' Retirement System or any other public retirement plan, except the federal Social Security program.

Takes effect on the first day of the third month following passage and approval by the Governor.