SB173 Alabama 2015 Session

Updated Jul 24, 2021

Senate Bill

Expired

Current Status

Regular Session 2015

Session

1

Sponsor

Summary

Primary Sponsor: Jimmy Holley
Republican
Session: Regular Session 2015
Title: Peace Officers' Annuity and Benefit Fund, calculation of benefits, manner of, fees adjusted per recommendation of actuary, Secs. 36-21-68, 36-21-73 am'd.
Description: 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.
Subjects: Peace Officers' Annuity and Benefit Fund

Indefinitely Postponed

Holley motion to Carry Over adopted Voice Vote

Third Reading Carried Over

Holley motion to Carry Over to the Call of the Chair adopted Voice Vote

Third Reading Carried Over to Call of the Chair

Reported from Governmental Affairs as Favorable

Read for the first time and referred to the Senate committee on Governmental Affairs