HB65 Alabama 2015 Session

Under existing law, applicants for membership in the Alabama Peace Officers' Annuity and Benefit Fund pay an initial fee of $20 and $20 per month for as long as they maintain their membership.

This bill would authorize the board to charge an initial fee and a monthly fee of up to $40 based on the recommendation of an actuary employed by the board taking into consideration the cost of operating the fund.

Under existing law, the actuary employed by the board determines what adjustments to the proposed payments, annuities, and benefits may be paid if the fund is to be kept on an actuarialy sound basis, and the board adjusts benefits up or down as recommended by the actuary.

This bill would clarify the manner in which adjustments are made.

To amend Sections 36-21-68 and 36-21-73 of the Code of Alabama 1975, to provide that the membership fees for the Alabama Peace Officers' Annuity and Benefit Fund would be set by the board up to a certain amount based on the recommendation of the actuary of the board; and to clarify that adjustments to benefits are calculated based on the recommendation of the actuary.