HB532 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Retirement, Deferred Retirement Option Plan (DROP), options for Tier I and Tier II members to participate, reopened, Secs. 16-25-150, 16-25-151, 36-27-170, 36-27-171 am'd.

Description

<p class="bill_description"> Existing law provides for the Deferred Retirement Option Plan (DROP), which contractually allows a member of the Employees' Retirement System (ERS) or the Teachers' Retirement System (TRS) to continue employment with his or her employer for a specific period of time, while deferring a portion of his or her retirement allowance until the end of the participation period, at which time the member withdraws from his or her service</p><p class="bill_description"> Existing law provides that participation in DROP is prohibited after March 24, 2011</p><p class="bill_description"> This bill would reopen participation in the DROP program and would further provide options for Tier I and Tier II members to participate in DROP</p><p class="bill_entitled_an_act"> To amend Sections 16-25-150, 16-25-151, 36-27-170, and 36-27-171 of the Code of Alabama 1975, relating to the Deferred Retirement Option Plan (DROP); to reopen participation in the DROP program for certain members; and to further provide options for Tier I and Tier II members to participate in DROP. </p>

Subjects

Deferred Retirement Option Plan (DROP)