SB51 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Alabama Teachers' Planned Retirement Option (ATPRO), optional retirement account for members of Teachers' Retirement System beginning fiscal year 2012-2013
Description
<p class="bill_description"> The Deferred Retirement Option Plan (DROP)
for certain employees has been repealed for future
participation</p><p class="bill_description">
This bill would provide the Alabama
Teachers' Planned Retirement Option (ATPRO) as an
optional retirement account available beginning
fiscal year 2012-2013 for certain members of the
Teachers' Retirement System</p><p class="bill_entitled_an_act"> To provide an optional retirement account, the
Alabama Teachers' Planned Retirement Option (ATPRO) for
members of the Teachers' Retirement System; to provide for
review and approval by local school systems to qualified
employees for participation in ATPRO; to place salary
limitations; to provide three- or five-year periods of
participation for participants; to require persons to withdraw
from active service upon completion of ATPRO; to prohibit
ATPRO participants from full or part time state employment
after ATPRO fulfillment; to provide rollover of ATPRO accounts
to eligible retirement accounts; and to provide certain
benefits for death or incomplete ATPRO service of ATPRO
participants.
</p>
Subjects
Retirement
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 7, 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 | SB51 Alabama 2012 Session - Introduced |