HB432 Alabama 2017 Session

This bill would authorize a five percent surcharge on a retired person and a five percent surcharge on the employer of the retired person, such surcharge being based on the annual gross compensation of the retired person and distributed to the Retirement Systems of Alabama, when the person is retired under the Employees' Retirement System or the Teachers' Retirement System and receives compensation for duties performed in any capacity, including as an independent contractor, for an employer participating in the Employees' Retirement System or the Teachers' Retirement System, without suspension of the retirement allowance of the person

This bill would require disclosure of the surcharge be provided to the retired person under certain conditions and would specify that the surcharge is nonrefundable and will not be credited to the retiree

Relating to retirees under the Employees' Retirement System or the Teachers' Retirement System; to authorize a surcharge on a retiree and an employer when a retiree performs duties for compensation in any capacity, including as an independent contractor, for an employer participating in the Employees' Retirement System or the Teachers' Retirement System, without suspension of the retirement allowance of the retiree; and to require certain disclosures.