AL HB279

Lauderdale County Teacher's Credit Union governing body may elect by resolution to allow executive officers and full-time employees to participate in the Teachers' Retirement System, subject to all system rules and conditions.

The credit union must pay employer contributions as a percentage of employee salaries in accordance with Section 16-25-21, Code of Alabama 1975, with monthly payments synchronized to member contributions.

The credit union may provide that previous service rendered by eligible employees and officers before the effective date of enrollment shall count as creditable service, provided the credit union funds all actuarially-determined costs for crediting prior service.

Prior service credit eligibility is limited to employees and officers actively serving the credit union on the effective date of the system enrollment election.

The act becomes effective June 1, 2025.