SB242 Alabama 2012 Session

In Committee

Bill Summary

Sponsors

Tom Whatley

Session

Regular Session 2012

Title

Retirement, Deferred Retirement Option Plan, members in DROP authorized to voluntarily leave service without forfeiting portion of DROP account constituting retirement allowance, interest, or member contributions, Act 2011-27, 2011 Reg. Sess. am'd.; Secs. 16-25-150, 36-27-170 am'd.

Description

Currently, a member of the Teachers' Retirement System or the Employees' Retirement System participating in the Deferred Retirement Option Plan (DROP) who voluntarily leaves service within the first three years in DROP will forfeit the portion of his or her DROP account that constitutes the retirement allowance

This bill would allow members in DROP to voluntarily leave service without forfeiting the portion of his or her DROP account that constitutes the retirement allowance

To amend Sections 16-25-150 and 36-27-170 of the Code of Alabama 1975, as amended by Act 2011-27, relating to the Deferred Retirement Option Plan (DROP), to allow members in the plan to voluntarily leave service without forfeiting the portion of his or her DROP amount that constitutes the retirement allowance.

Subjects

Retirement

Bill Actions

Action Date	Chamber	Action
May 9, 2012		Indefinitely Postponed
March 15, 2012		Read for the second time and placed on the calendar
February 8, 2012		Read for the first time and referred to the Senate committee on Finance and Taxation Education

Bill Text

Download SB242 Alabama 2012 Session PDF

Bill Documents