HB377 ends the separate employer contribution rate calculation for state policemen to the Pension Accumulation Fund and makes their contributions the same as other employees.
The bill amends Section 36-27-24 to remove the rule that required a separate employer contribution percentage for state policemen to the Pension Accumulation Fund. After passage, state policemen’s Pension Accumulation Fund contributions will be based on the same normal and accrued liability contribution rates as other members, determined by actuarial valuations. It does not change contributions to the Annuity Savings Fund (policemen would still have a 10% contribution rate there). The changes affect how the Pension Accumulation Fund is funded, aligning policemen with other employees.
Delivered to Governor at 10:26 a.m. on May 17, 2017.
Assigned Act No. 2017-360.
Clerk of the House Certification
Signature Requested
Concurred in Second House Amendment
Enrolled
Treadaway motion to Concur In and Adopt adopted Roll Call 916
Ledbetter motion to Previous Question adopted Roll Call 915
Concurrence Requested
Motion to Read a Third Time and Pass adopted Roll Call 930
Pittman motion to Adopt adopted Roll Call 929
Governmental Affairs first Substitute Offered
Third Reading Passed
Read for the second time and placed on the calendar with 1 substitute and
Read for the first time and referred to the Senate committee on Governmental Affairs
Motion to Read a Third Time and Pass adopted Roll Call 417
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Source: Alabama Legislature