SB321 Alabama 2017 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2017
Title
Teachers' Retirement System and Employees' Retirement System, lump sum retirement option authorized, Alabama Pension Authority created, bond authority, Secs. 16-25-14, 16-25-21, 36-27-16, 36-27-24 am'd.
Description
<p class="bill_description"> This bill would create an option for certain
retirees of the Teachers' Retirement System and the
Employees' Retirement System to elect to receive a
lump-sum cash payment equal to and in lieu of a
portion of his or her retirement allowance, not to
exceed 50 percent</p><p class="bill_description">
This bill would require the Director of
Finance to certify to the Board of Control, the
Governor, and the presiding officer of each house
of the Legislature whether or not available funds
are sufficient and economic conditions are
satisfactory to support the financial viability of
the lump-sum retirement allowance option and would
delay the offering of the option for a period of 12
months if economic conditions do not support the
viability of the lump-sum option</p><p class="bill_description">
This bill would also create the Alabama
Pension Authority and would authorize the authority
to issue bonds to fund the lump-sum retirement
allowance option to be repaid based on savings
accrued from the decreased annual required
contribution obligations of the state to the
Teachers' Retirement System and the Employees'
Retirement System</p><p class="bill_description">
This bill would also provide for the
formation of the authority, the powers and duties
of the authority, bond requirements, and the
dissolution of the authority</p><p class="bill_entitled_an_act"> Relating to retirement; to amend Sections 16-25-14,
16-25-21, 36-27-16, and 36-27-24, Code of Alabama 1975, to
allow certain retirees of the Teachers' Retirement System and
the Employees' Retirement System to elect to receive a
lump-sum cash payment equal to a specified portion of their
retirement allowance under certain conditions; to require the
Director of Finance to certify to the Board of Control, the
Governor, and the presiding officer of each House of the
Legislature whether there are sufficient funds and whether
economic conditions support the viability of the lump-sum
option; to provide for the creation of the Alabama Pension
Authority; to provide for the duties and powers of the
authority; to authorize the authority to issue bonds; to
provide for the bond requirements; and to provide for the
dissolution of the authority under certain conditions.
</p>
Subjects
Retirement
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 17, 2017 | S | Indefinitely Postponed |
| April 13, 2017 | S | Pending third reading on day 18 Favorable from Finance and Taxation Education with 1 substitute |
| April 13, 2017 | S | Read for the second time and placed on the calendar with 1 substitute and |
| March 15, 2017 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 12, 2017 | Room 727 **Revision** **Public Hearing & Vote** at 10:30 | Senate F&TE Hearing |
| Hearing | April 12, 2017 | Room 727 **Public Hearing & Vote** at 10:30 | Senate F&TE Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB321 Alabama 2017 Session - Introduced |
| Bill Amendments | Senate Finance and Taxation Education first Substitute Offered |