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 open participation in an Employees' Investment Retirement Plan (EIRP) and would further provide options for Tier I and Tier II members to participate in EIRP
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 open participation in an Employees' Investment Retirement Plan (EIRP) for certain members; and to further provide options for Tier I and Tier II members to participate in EIRP.
|March 5, 2019
|Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
|HB1 Alabama 2019 Session - Introduced