The Deferred Retirement Option Plan (DROP) for certain employees has been repealed for future participation
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
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.
|February 7, 2012||Read for the first time and referred to the Senate committee on Finance and Taxation Education|
|Bill Text||SB51 Alabama 2012 Session - Introduced|