AL HB123

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

Requires the St. Clair County DAY Program to pay employer contributions calculated as a percentage of employee salaries in accordance with Section 16-25-21, Code of Alabama 1975, paid monthly alongside member contributions.

Permits the program to credit all prior service rendered by eligible employees and executive officers before the effective date of the program's election to join the retirement system, provided all funding costs are assumed by the program and determined by the Teachers' Retirement System's actuary.

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

Effective June 1, 2024.