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AL SB302
Bill
Status
3/12/2020
Primary Sponsor
Donnie Chesteen
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AI Summary
SB302 Summary
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Allows Tier II plan members of the Teachers' Retirement System to retire after completing 30 years of creditable service, regardless of age, with a service retirement allowance.
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Prohibits Tier II plan members from converting unused sick leave into creditable service for retirement eligibility, unlike Tier I members who retain this benefit.
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Increases Tier II plan member contribution rates effective October 1, 2020 from 6% to 6.75% of earnable compensation, with special rates of 7.75% for correctional officers, firefighters, and law enforcement officers.
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Specifies that future legislative increases to the Tier II retirement age above 62 require a two-thirds vote in both houses of the Legislature.
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Becomes effective immediately upon passage and gubernatorial approval.
Legislative Description
Teachers Retirement System, 30-year service retirement and conversion of sick leave allowed for Tier II, plan members, member contribution rate increased, Secs. 16-25-11.1, 16-25-14, 16-25-21 am'd.
Teachers' Retirement System
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/12/2020