SB494 Alabama 2011 Session

Updated Jul 26, 2021

Summary

Primary Sponsor: Tom Whatley
Republican
Session: Regular Session 2011
Title: Retirement, Deferred Retirement Option Plan, new participation prohibited, limits on interest paid on DROP accounts, Secs. 16-25-150, 36-27-170 am'd.
Description: Currently, a member of the Teachers' Retirement System or the Employees' Retirement System participating in the Deferred Retirement Option Plan (DROP) who voluntarily leaves service within the first three years in DROP will forfeit the portion of his or her DROP account that constitutes the retirement allowance.
This bill would allow members in DROP to voluntarily leave service without forfeiting the portion of his or her DROP account that constitutes the retirement allowance.
Subjects: Retirement

Read for the first time and referred to the Senate committee on Finance and Taxation Education