HB77 Alabama 2019 Session

Summary

Primary Sponsor

Alan Baker Representative

Republican

Session

Regular Session 2019

Title

Retirement, RSA, retirement plans, Tier III retirement plan created, Tier III Teacher Recruitment and Retention Act, plan benefits defined, Secs. 16-25-1, 16-25-11.1, 16-25-14, 16-25-21 am'd.

Description

Existing law provides for a Tier I and Tier II retirement plan for the Teachers' Retirement System.

This bill would create the Tier III plan and would establish a new defined benefit retirement plan for any public employee who is first hired on or after January 1, 2020, by an employer who participates in the Teachers' Retirement System or for any Tier II plan member who has elected to join the new plan.

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Subjects

Teachers' Retirement System