HB690 Alabama 2015 Session

Summary

Primary Sponsor

Craig Ford

Independent

Session

Regular Session 2015

Title

Retirement, DROP reestablished for state employees, provides requirements and terms of DROP participation, Secs. 16-25-150, 36-27-170 am'd.

Description

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.

Subjects

Retirement