Loading chat...
AL HB61
Bill
Status
3/5/2019
Primary Sponsor
Nathaniel Ledbetter
Click for details
AI Summary
-
Allows any employer participating in Alabama's Employees' Retirement System to elect to provide Tier I retirement benefits to Tier II plan members through adoption of a resolution.
-
Election must occur within 24 months of the act's effective date and is irrevocable, taking effect at the beginning of the fiscal year following ERS receipt of the resolution.
-
Tier II plan members electing Tier I benefits must contribute 7.5% of earnable compensation to the retirement system.
-
Firefighters, law enforcement officers, and correctional officers in Tier II must contribute 8.5% of earnable compensation if their employer makes this election.
-
Act becomes effective immediately upon passage and gubernatorial approval.
Legislative Description
Retirement, benefits for local employers participating in ERS, retirement benefits given to Tier I plan members authorized for Tier II plan members, Sec. 36-27-6.5 added
Retirement
Last Action
Pending third reading on day 7 Favorable from State Government
4/3/2019