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AL HB264
Bill
Status
3/30/2021
Primary Sponsor
Reed Ingram
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AI Summary
HB264 Summary
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Allows Tier II plan members of the Employees' Retirement System to retire after 30 years of creditable service without reduction in retirement allowance, lowering the threshold from existing requirements.
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Permits Tier II plan members to convert up to 180 accrued and unused sick leave days into creditable service for purposes of service retirement eligibility and determination.
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Provides firefighters, law enforcement officers, and correctional officers who are Tier II plan members to earn one year of hazardous duty time credit for every five years of service, with proportional credit for less than five years.
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Increases Tier II plan member contribution rates to the Employees' Retirement System, effective October 1, 2021, from 6% to 6.75% of earnable compensation; special rates apply for state policemen (10%) and hazardous duty positions (8%).
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Requires any future act to increase the retirement age for Tier II plan members above age 62 to receive 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.
Motor Vehicles
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
3/30/2021