SB242 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Retirement, Deferred Retirement Option Plan, members in DROP authorized to voluntarily leave service without forfeiting portion of DROP account constituting retirement allowance, interest, or member contributions, Act 2011-27, 2011 Reg. Sess. am'd.; Secs. 16-25-150, 36-27-170 am'd.
Description
<p class="bill_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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> To amend Sections 16-25-150 and 36-27-170 of the
Code of Alabama 1975, as amended by Act 2011-27, relating to
the Deferred Retirement Option Plan (DROP), to allow members
in the plan to voluntarily leave service without forfeiting
the portion of his or her DROP amount that constitutes the
retirement allowance.
</p>
Subjects
Retirement
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 9, 2012 | Indefinitely Postponed | |
| March 15, 2012 | Read for the second time and placed on the calendar | |
| February 8, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB242 Alabama 2012 Session - Introduced |