AL HB303

Permits St. Clair County DAY Program, Inc. to elect participation in the Teachers' Retirement System of Alabama for its executive officers and full-time employees through a resolution conforming to Board of Control rules.

Requires St. Clair County DAY Program, Inc. to pay employer contributions calculated as a percentage of employee salaries, paid monthly and concurrent with member contributions under Section 16-25-21, Code of Alabama 1975.

Allows the program to credit all prior service rendered by eligible employees and executive officers before the effective date of enrollment, provided employees were actively employed on that date and the program assumes all actuarial costs as determined by the Teachers' Retirement System Board of Control.

Limits all benefits payable to beneficiaries to amounts contributed by beneficiary and employer plus earned interest and investment gains, minus administrative costs, with no cost to the State of Alabama.

Act becomes effective on the first day of the third month following passage and gubernatorial approval or otherwise becoming law.