HB529 Alabama 2014 Session

Relating to the City of Tuscaloosa in Tuscaloosa County; to amend Act 99-568 of the 1999 Regular Session (Acts 1999, p. 1220), as amended, providing for a retirement system for police officers and firefighters; to amend Section 4.01 relating to age and years of service at which plan members acquire a nonforfeitable right to receive a monthly pension benefit; Section 4.04 relating to continuing pension benefits for the surviving spouse and dependent children of deceased retirees; Section 6.03 relating to Member Contributions; Section 6.05 relating to City Contributions (non picked-up); and Section 7.14 relating to the Deferred Retirement Option Plan (DROP); to provide for certain benefits for persons becoming members of the plan after the effective date of this amendatory act and for their surviving spouses and dependent children; to provide an increase in the percentage of contributions; and to increase the DROP period to five years.