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AL HB78
Bill
Status
3/5/2019
Primary Sponsor
Rex Reynolds
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AI Summary
HB78 Summary
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Increases maximum annual compensation for retirees receiving Employees' Retirement System or Teachers' Retirement System allowances from $30,000 to $42,000, effective calendar year 2020.
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Retirees may earn this compensation while working for participating employers without suspending retirement benefits, provided they are not employed in a permanent full-time capacity.
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Annual earning limits will be adjusted by Consumer Price Index increases beginning in 2025, with adjustments rounded to the nearest $1,000 multiple.
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Applies to both Teachers' Retirement System retirees (§16-25-26) and Employees' Retirement System retirees (§36-27-8.2).
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Becomes effective January 1, 2020.
Legislative Description
Retirement, retirees of Employees' Retirement System and Teachers' Retirement System receiving allowance, max annual compensation increased, Secs. 16-25-26, 36-27-8.2 am'd.
Retirement Systems
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/5/2019