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, and there are limits on interest that may be paid on DROP accounts
This bill would reestablish the DROP, further provide for the DROP requirements and interest on accounts, and remove limits on interest that could be paid on DROP accounts
Relating to the Deferred Retirement Option Plan; to amend Sections 16-25-150 and 36-27-170, Code of Alabama 1975, to allow new participation in the plan, to further provide for the plan requirements and interest on accounts, and to remove limits on interest paid on the accounts.
|February 18, 2014||S||Read for the first time and referred to the Senate committee on Finance and Taxation General Fund|
|Bill Text||SB373 Alabama 2014 Session - Introduced|