SB298 Alabama 2015 Session

Summary

Primary Sponsor

Del Marsh

Republican

Session

Regular Session 2015

Title

Employees' Retirement System, retirees and beneficiaries, one-time lump-sum additional payment

Summary

SB298 gives local units in the Employees’ Retirement System more time to join Act 2014-429, so eligible retirees can get lump-sum payments if the election is made by September 30, 2015, with costs borne by the employer and payments made in December 2015.

What This Bill Does

If a participating employer elects to join Act 2014-429 by official resolution on or before September 30, 2015, the lump-sum payments described in Act 2014-429 will be paid to all eligible recipients who are receiving a retirement benefit as of September 30, 2015, with the payments made in December 2015. The employer that makes the election must cover the cost of these lump-sum payments.

Who It Affects

• Local units participating in the Employees’ Retirement System that choose to come under Act 2014-429 by the deadline, affecting how they pay lump-sum benefits.
• Retirees/beneficiaries who qualify for the lump-sum payment under Act 2014-429 and are receiving a benefit as of September 30, 2015, who will receive the lump-sum payment in December 2015 if the election is made.

Key Provisions

• Allows participating employers to extend the option to come under Act 2014-429 if they elect by official resolution by September 30, 2015.
• Requires lump-sum payments under Act 2014-429 to be paid to eligible recipients who are receiving benefits as of September 30, 2015, with payments made in December 2015.
• Requires the employer making the election to bear the cost of the lump-sum payments.
• Effective date: immediately upon passage.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Employees' Retirement System