HB532 Alabama 2017 Session

Updated Jul 24, 2021

Summary

Primary Sponsor: Tommy Hanes
Republican
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: 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.
Existing law provides that participation in DROP is prohibited after March 24, 2011.
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.
Subjects: Deferred Retirement Option Plan (DROP)

Indefinitely Postponed

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