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AL HB176
Bill
Status
3/21/2023
Primary Sponsor
Reed Ingram
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AI Summary
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Extends Act 2022-229 provisions to employers participating in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and 36-27-7.1 of the Alabama Code.
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Allows participating employers to elect to come under Act 2022-229 by official resolution on or before October 31, 2023.
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Requires lump-sum payments to all eligible recipients receiving benefits as of April 1, 2023, to be paid by the Employees' Retirement System in December 2023.
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Makes the electing employer responsible for bearing the full cost of lump-sum payments paid to its retirees.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Relating to retirement; to extend the provisions of Act 2022-229 to allow local units participating in the Employees' Retirement System additional time to elect to come under the provisions of the act.
Last Action
Indefinitely Postpone
5/31/2023