SB149 Alabama 2019 Session

Summary

Primary Sponsor

Shay Shelnutt Senator

Republican

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

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.

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Subjects

Deferred Retirement Option Plan (DROP)