HB201 Alabama 2024 Session

Summary

Primary Sponsor

Steve Clouse Representative

Republican

Session

Regular Session 2024

Title

RSA, procedure established for funding benefit increases of ERS and TRS retirees

Description

Under existing law, there is no formal procedure for funding an increase in the pension benefits earned by state and local government employees who have retired under the Retirement Systems of Alabama.

This bill would establish a procedure for the funding of benefit increases provided to retirees under the Employees' Retirement System and the Teachers' Retirement System by requiring the actual annual cost to be identified and provided for in the annual State General Fund appropriation act and the Education Trust Fund appropriation act.

This bill would provide that, in the event the annual amounts are not identified and appropriated or provided for, there will be no increased benefit provided for that fiscal year, and that this procedure shall be considered a one-year benefit increase that does not affect the unfunded liability of the Retirement Systems of Alabama because the benefit increase will only be paid if the actual annual cost is included in the annual appropriation acts.

This bill would also provide for legislative findings.

HB201 INTRODUCED.

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Subjects

Retirement