SB149 Alabama 2019 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2019
Title
Retirement, Deferred Retirement Option Plan (DROP), open participation in Employees' Investment Retirement Plan (EIRP), options for Tier I and Tier II members to participate, reopened, Secs. 16-25-150, 16-25-151, 36-27-170, 36-27-171 am'd.
Description
<p class="bill_description"> 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</p><p class="bill_description">
Existing law provides that participation in
DROP is prohibited after March 24, 2011</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Deferred Retirement Option Plan (DROP)
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 20, 2019 | S | Read for the first time and referred to the Senate committee on Education Policy |
Bill Text
Bill News
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB149 Alabama 2019 Session - Introduced |