SB366 Alabama 2013 Session

Relating to the Employees' Retirement System of the City of Montgomery; to combine, amend, and restate Act 2009-473, 2009 Regular Session (Acts 2009, p. 839), as amended, to change the retirement age, creditable service requirements, distribution options, employee contributions, and benefits for certain employees who become members of the system on or after October 1, 2013; to implement a new cash balance plan for certain employees who become members of the system on or after October 1, 2013, to provide certain employees who were members of the system before October 1, 2013, an option to elect to participate in the new cash balance plan, to authorize the board, with the mayor's approval, to increase the number of years of creditable service to qualify for a disability retirement allowance or eliminate the disability retirement under any or all of the retirement plans; to eliminate certain historical information no longer necessary; to clarify the board's authority to hire outside legal advisors and auditors; to provide minimum qualifications for the auditors hired by the system; to add provisions required to comply with the Internal Revenue Code; to update the method of calculating the contributions by the city; to eliminate certain provisions dealing with mandatory retirement; and to define and redefine certain terms applicable to the system.