Loading chat...
AL SB51
Bill
Status
2/2/2021
Primary Sponsor
Donnie Chesteen
Click for details
AI Summary
SB51 Summary
-
Allows Tier II plan members of the Teachers' Retirement System to retire after 30 years of creditable service (previously required higher age thresholds).
-
Permits Tier II members to convert accrued sick leave into creditable service for purposes of applying for service retirement, with conversions capped at the maximum allowed sick leave days.
-
Increases Tier II member contribution rates effective October 1, 2021 to 6.75% of earnable compensation (7.75% for correctional officers, firefighters, and law enforcement officers).
-
Prohibits Tier II members from using sick leave conversion for deferred retirement eligibility and excludes those receiving partial sick leave payments from using this benefit.
-
Becomes effective immediately upon passage and approval by the Governor.
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
2/2/2021