Currently, members of the Teachers' Retirement System and the Employees' Retirement System may not be new participants in the DROP Program after April 1, 2011, which also imposes limits on interest that could be paid on DROP accounts
This bill would reestablish DROP and would remove limits on interest that could be paid on DROP accounts
To amend Sections 16-25-150 and 36-27-170, as last amended by Act 2011-27, 2011 Regular Session, of the Code of Alabama 1975, relating to the Deferred Retirement Option Plan, to allow new participation in the plan and remove limits on interests paid on the accounts.
|February 7, 2012
|Read for the first time and referred to the Senate committee on Finance and Taxation Education
|SB215 Alabama 2012 Session - Introduced