HB690 Alabama 2015 Session
Bill Summary
Currently, members of the Teachers' Retirement System and the Employees' Retirement System may not become new participants in the Deferred Retirement Option Program (DROP) after March 24, 2011
This bill would reestablish the DROP program for tier I and tier II retirement participants, would provide for the requirements and terms of participation in the program, and would provide for maximum salary eligilibity, rates of return on investments, use of accumulated sick leave for eligibility, exit of DROP participants, and cost-of-living adjustments
To amend Sections 16-25-150 and 36-27-170, Code of Alabama 1975, relating to the Deferred Retirement Option Plan (DROP), to allow new participation of state employees, including public safety employees, and education employees in tier I and tier II retirement plans; to provide for eligibility requirements and benefits for participants in the DROP program; and to provide for rates of return on investments, use of accumulated sick leave, exit of participants from DROP, a maximum salary eligibility, and cost-of-living adjustments.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 21, 2015 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB690 Alabama 2015 Session - Introduced |