Loading chat...
AL HB346
Bill
Status
4/7/2022
Primary Sponsor
Corley Ellis
Click for details
AI Summary
HB346 Summary
-
Removes the May 8, 2021 deadline for local employers participating in the Employees' Retirement System of Alabama to elect providing Tier II plan members the same benefits as Tier I plan members.
-
Allows employers to make this election at any time going forward, subject to ERS Board of Control approval based on historical compliance and financial stability review.
-
Requires employers that have not increased Tier I member contribution rates to develop and submit a plan for gradually increasing those rates before electing to equalize Tier II benefits.
-
Establishes that once effective, Tier II members contribute 7.5% of earnable compensation, while firefighters, law enforcement officers, and correctional officers contribute 8.5%.
-
Became effective immediately upon passage and approval by the Governor on or after April 6, 2022.
Legislative Description
Employees' Retirement System, deadline for passing resolution for local employer participating in system to provide Tier I benefits to Tier II employees removed, Sec. 36-27-6.5 am'd.
Employees' Retirement System
Last Action
Delivered to Governor at 9:46 a.m. on April 7, 2022.
4/7/2022