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AL HB233
Bill
Status
5/4/2023
Primary Sponsor
Cynthia Almond
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AI Summary
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Authorizes the City of Tuscaloosa to enroll its police and firefighter employees in the Employees' Retirement System of Alabama pursuant to Section 36-27-6, Code of Alabama 1975.
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Permits the board of the Tuscaloosa Police and Firefighters Retirement Plan to transfer all assets and liabilities to the Employees' Retirement System of Alabama plan.
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Requires the City of Tuscaloosa to terminate the existing retirement system established under Act 1999-568 upon completion of the asset and liability transfer.
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Establishes tier classifications: employees who began participation before January 1, 2013 become Tier I participants; those who began on or after January 1, 2013 become Tier II participants unless prior employment establishes them as Tier I.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Relating to the City of Tuscaloosa; to authorize the City of Tuscaloosa to join the Employees’ Retirement System of Alabama for its police and firefighter employees and transfer assets and liabilities of the existing Tuscaloosa Police and Firefighters Retirement Plan to the Employees' Retirement System of Alabama as set forth in Chapter 27 of Title 36, Code of Alabama 1975.
Last Action
Enacted
5/4/2023