HB392 Alabama 2015 Session

Summary

Primary Sponsor

Steve McMillan

Republican

Session

Regular Session 2015

Title

Employees' Retirement System, retirees and beneficiaries, one-time lump-sum additional payment

Summary

HB392 extends the deadline for local units in the Employees’ Retirement System to elect to come under Act 2014-429’s lump-sum retirement payments, with payments to eligible recipients if the election is made by Sept. 30, 2015 and funded by the employer.

What This Bill Does

It extends Act 2014-429 to participating employers in the Employees’ Retirement System if they elect to come under the act by official resolution on or before September 30, 2015. If such an election is made, lump-sum payments will be paid to eligible recipients who are receiving a benefit as of September 30, 2015, in December 2015. The employer making the election must cover the cost of these lump-sum payments, and the act becomes effective immediately after its passage.

Who It Affects

• Local units/participating employers in the Employees’ Retirement System: may elect to come under Act 2014-429 by official resolution by September 30, 2015.
• Eligible retirees and beneficiaries who would receive a lump-sum payment under Act 2014-429: will receive the lump-sum payment if their employer elects by the deadline and they are receiving a benefit as of September 30, 2015.
• Employers participating in the Employees’ Retirement System: must bear the cost of the lump-sum payments for their retirees if they elect to come under Act 2014-429.

Key Provisions

• Extend Act 2014-429 provisions to participating employers if they elect to come under the act by official resolution on or before September 30, 2015.
• Upon such election, the lump-sum payments provided under Act 2014-429 shall be paid to all eligible recipients entitled to a lump-sum under Act 2014-429 who are receiving a benefit as of September 30, 2015, with payment in December 2015.
• Any employer making such election shall bear the cost of the lump-sum payments paid to its retirees, as provided in Act 2014-429.
• The act becomes effective immediately following its passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Employees' Retirement System