HB 249

Act 2017-367 provided for a one-time lump-sum addition to the retirement benefits of certain retirees and beneficiaries of the Employees' Retirement System and gave local units participating in the Employees' Retirement System the option to come under the provisions of the act

This bill would extend the provisions of Act 2017-367 to allow local units additional time to elect to come under the act's provisions

Relating to retirement; to extend the provisions of Act 2017-367 to allow local units participating in the Employees' Retirement System additional time to elect to come under the provisions of the act.

Section 1

The provisions of Act 2017-367 as they apply to employers participating in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and 36-27-7.1, Code of Alabama 1975, shall be extended if a participating employer elects to come under the provisions of Act 2017-367 by official resolution on or before October 31, 2018. Upon such election by official resolution on or before October 31, 2018, the lump-sum payments provided under Act 2017-367 shall be paid to all eligible recipients who are entitled to receive a lump-sum payment under Act 2017-367 and are receiving a benefit as of April 1, 2018, by the Employees' Retirement System in December 2018. Any employer making such election shall bear the cost of the lump-sum payment paid to its retirees, as provided in Act 2017-367.

Section 2

This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.