HB5 Alabama 2016 Session

Under existing law, the State Personnel Board has established a tax deferred compensation plan for employees of the state or a municipality, county, or other public entity electing to participate in the plan

This bill would authorize entities participating in the plan to enroll employees in the plan upon employment with an option to opt out of the plan within 90 days after enrollment

To amend Section 36-26-14, Code of Alabama 1975, as amended by Act 2015-83, providing for the establishment of a tax deferred compensation plan by the State Personnel Board, to authorize entities participating in the plan to enroll employees in the plan with provisions for the employee to opt out under certain conditions.