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.
Source: Alabama Legislature