HB255 lets overtime pay count toward earnable compensation for retirement benefits and sets caps on how much overtime can be counted for Alabama's retirement systems.
The bill amends two sections to allow overtime payments to be included in earnable compensation for retirement calculations under both the Teachers' Retirement System (TRS) and the Employees' Retirement System (ERS). It imposes caps on how much overtime can count toward earnable compensation, tied to the employee's annual base pay and subject to IRS limits, with a specific exemption for certain TRS members from the IRS limit. It also clarifies that ERS earnable compensation excludes subsistence payments. The changes take effect immediately upon the governor's approval.
Delivered to Governor at 6:35 p. m. on May 2, 2012.
Assigned Act No. 2012-302 on 05/09/2012.
Clerk of the House Certification
Signature Requested
Enrolled
Concurred in Second House Amendment
Love motion to Concur In and Adopt adopted Roll Call 1176
Concurrence Requested
Motion to Read a Third Time and Pass adopted Roll Call 895
Waggoner motion to Adopt adopted Roll Call 894
Finance and Taxation General Fund Amendment Offered
Waggoner motion to Adopt adopted Roll Call 893
Finance and Taxation General Fund Amendment Offered
Waggoner motion to Adopt adopted Roll Call 892
Finance and Taxation General Fund Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 3 amendments
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Engrossed
Cosponsors Added
Motion to Read a Third Time and Pass adopted Roll Call 173
Motion to Adopt adopted Roll Call 172
Ways and Means General Fund first Substitute Offered
Third Reading Passed
Read for the second time and placed on the calendar with 1 substitute and
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Source: Alabama Legislature