SB292 Alabama 2010 Session

Signed by Governor

Bill Summary

Sponsors

Hank Sanders

Session

Regular Session 2010

Title

Teachers' Retirement System and Employees' Retirement System, pension accumulation fund, accrued liability contribution rate authorized to be computed by Board of Control over 30-year period, Sec. 16-25-21, 36-27-24 am'd.

Description

Currently the accrued liability contribution rate for the Teachers' Retirement System and the Employees' Retirement System is computed by the actuary over a period of not less than 10 nor more than 20 years. This bill would increase the funding period to no more than 30 years

To amend Sections 16-25-21 and 36-27-24, Code of Alabama, 1975 to increase the maximum funding period for which the accrued liability contribution is calculated for the Teachers' Retirement System and the Employees' Retirement System from 20 years to 30 years.

Subjects

Employees' Retirement System

Bill Actions

Action Date	Chamber	Action
March 11, 2010		Assigned Act No. 2010-221.
March 11, 2010		Enrolled
March 11, 2010		Signature Requested
March 11, 2010		Passed Second House
March 11, 2010		Motion to Read a Third Time and Pass adopted Roll Call 552
March 11, 2010		Third Reading Passed
March 3, 2010		Read for the second time and placed on the calendar
February 16, 2010		Read for the first time and referred to the House of Representatives committee on Education Appropriations
February 16, 2010		Motion to Read a Third Time and Pass adopted Roll Call 243
February 16, 2010		Third Reading Passed
February 11, 2010		Read for the second time and placed on the calendar
January 19, 2010		Read for the first time and referred to the Senate committee on Finance and Taxation Education