HB508 Alabama 2012 Session

Sponsors

Session

Regular Session 2012

Title

Retirement, Teachers (TRS) and State Employees (ERS), new defined benefit plan for persons entering TRS and ERS on or after January 1, 2013; contributions, minimum retirement ages, and benefits provided, Secs. 16-25-1, 16-25-3, 16-25-11.1, 16-25-14, 16-25-21, 36-26-36.1, 36-27-1, 36-27-4, 36-27-16, 36-27-24, 36-27-59 am'd

Description

<p class="bill_description"> Under existing law, retirement benefits are provided to public employees through the Teachers' Retirement System and the Employees' Retirement System</p><p class="bill_description"> This bill will establish a new defined benefit retirement plan for any public employee who is first hired on or after January 1, 2013, by an employer who participates in the Teachers' Retirement System or the Employees' Retirement System</p><p class="bill_entitled_an_act"> To amend Sections 16-25-1, 16-25-3, 16-25-11.1, 16-25-14, 16-25-21, 36-26-36.1, 36-27-1, 36-27-4, 36-27-16, 36-27-24 and 36-27-59, Code of Alabama 1975, relating to retirement benefits for employees who are members of the Teachers' Retirement System or the Employees' Retirement System, to establish a new defined benefit retirement plan for employees who first become a member of either system on or after January 1, 2013; to require those employees to pay a percentage of their salary into the new plan; to establish minimum age and service requirements in order for those employees to retire under the new plan; and to provide for the administration of the new plan by the Retirement Systems of Alabama. </p>

Subjects

Retirement