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AL SB61
Bill
AI Summary
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Temporarily increases the annual compensation limit for retired teachers and employees to $52,000 in calendar year 2023, up from the existing $30,000 limit, effective upon the act becoming law.
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Requires retired individuals to have a 90-day break in service from their retirement date before performing post-retirement duties, or must already be performing duties as of the effective date.
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Annual earning limits increase starting in calendar year 2025 based on Consumer Price Index adjustments, rounded to the nearest $1,000 increment.
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Temporary provisions in new sections 16-25-26.2 and 36-27-8.3 expire on December 31, 2027, unless extended by legislative action.
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Applies to both Teachers' Retirement System and Employees' Retirement System retirees performing work with employers participating in either retirement system.
Legislative Description
Relating to the Teachers' Retirement System and the Employees' Retirement System; to amend Sections 16-25-26 and 36-27-8.2, Code of Alabama 1975, and to add Sections 16-25-25.2 and 36-27-8.3 to the Code of Alabama 1975; to temporarily revise the eligibility and compensation of retirees of either system for participating in either system after retirement.
Last Action
Introduced and Referred to Senate Finance and Taxation General Fund
3/7/2023