HB190 Alabama 2012 Session

Under existing law, the State of Alabama Personnel Board is authorized to adopt a plan recommended by the employees of the State of Alabama through the Alabama State Employees Association providing for tax deferred annuity and deferred compensation programs for the salaried employees of the State of Alabama and arrange for efficient administrative services through the Alabama State Employees Association or its designated agent

This bill would authorize the State of Alabama Personnel Board to adopt a plan providing for such tax deferred annuity and deferred compensation programs for employees of counties, cities, towns, or any subdivision that may participate, and arrange for efficient administrative investments and professional services

This bill would allow retired program participants to have their monthly insurance premiums deducted from their deferred compensation distribution in accordance with the Internal Revenue Service guidelines

To amend Section 36-26-14, Code of Alabama 1975, relating to the tax deferred annuity and deferred compensation programs for the salaried employees of the State of Alabama to authorize the State of Alabama Personnel Board to adopt a plan providing for tax deferred annuity and deferred compensation programs for state, city, and county employees or public organizations of the state or any political subdivision thereof; to arrange for efficient administrative investments and professional services; and to allow participants to have their monthly insurance premiums deducted from their deferred compensation distribution.