SB437 Alabama 2010 Session

Summary

Primary Sponsor

J.T. WaggonerSenator

Republican

Session

Regular Session 2010

Title

Teachers' Retirement System, Alabama Higher Education Partnership, Inc., officers and employees of authorized to participate

Summary

The bill allows officers and employees of the Alabama Higher Education Partnership, Inc. to join the Teachers' Retirement System and explains how their contributions and any prior service would be handled.

What This Bill Does

It authorizes the governing body of the Alabama Higher Education Partnership, Inc. to elect, by resolution, to have its officers and employees participate in the Teachers' Retirement System. If elected, those employees and officers may participate and receive all TRS benefits, with employer contributions paid by the partnership as a percentage of salaries and deposited along with the members' own contributions. The resolution may require that service earned before the election be credited to the employee's or officer's TRS record, with the partnership paying the costs to fund that crediting as determined by the TRS actuary. The act becomes effective immediately after passage and governor approval.

Who It Affects

• Officers and employees of the Alabama Higher Education Partnership, Inc. who may become participate in the Teachers' Retirement System and receive TRS benefits.
• The Alabama Higher Education Partnership, Inc. as the employer, which must pay employer contribution costs and may fund prior service credits as determined by the TRS actuary.

Key Provisions

• The partnership's governing body may elect, by resolution, to have its officers and employees participate in the Teachers' Retirement System, with contributions coming from any source and in whatever manner paid.
• If the election is made, participating employees and officers will be eligible for all TRS benefits, with employer contributions paid by the partnership as a percentage of salaries and contributed at the same time as the employee's TRS contributions.
• The resolution may state that all service rendered before the election date to the partnership shall be creditable for TRS purposes, and the partnership must pay all costs necessary to fund such prior service credits, as determined by the TRS actuary.
• The act becomes effective immediately following its passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Teachers' Retirement System