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AL SB312
Bill
Status
3/12/2020
Primary Sponsor
Greg Albritton
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AI Summary
SB312 Summary
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Allows Tier II plan members to retire with 30 years of creditable service without reduction in retirement allowance, compared to the current requirement for Tier I members of 25 years.
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Permits Tier II plan members to convert up to 180 accrued sick leave days into creditable service for purposes of service retirement eligibility and calculation.
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Provides firefighters, law enforcement officers, and correctional officers with one year of hazardous duty time credit for every five years of service, with proportional credit for partial service periods.
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Increases Tier II plan member contribution rates to 6.75% of earnable compensation effective October 1, 2020 (8% for correctional officers, firefighters, and law enforcement officers).
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Prohibits future increases to Tier II retirement age above 62 unless approved by a two-thirds vote of both houses of the Legislature.
Legislative Description
Employees' Retirement System, retirement benefits for Tier II plan members modified to provide 30-year service retirement, conversion of sick leave, and hazardous duty time for firefighters, law enforcement, and correctional officers, contribution rate increased, Secs. 36-26-36.1, 36-27-16, 36-27-24, 36-27-59 am'd.
Employees' Retirement System
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
3/12/2020