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
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.
|January 9, 2018||S||Read for the first time and referred to the Senate committee on Finance and Taxation Education|
|Hearing||March 8, 2017||Room 429 at 15:00||House SG Hearing|
|Bill Text||SB2 Alabama 2018 Session - Introduced|