HB498 Alabama 2018 Session

Under existing law, a member of the Teachers' Retirement System or the Employees' Retirement System may elect, prior to retirement, to receive, in lieu of his or her retirement allowance payable throughout life, the actuarial equivalent, at that time, of his or her retirement allowance in a reduced retirement allowance payable throughout life, with certain options available to the member for the disbursement of the reduced retirement allowance

This bill would give certain retirees of the Teachers' Retirement System and the Employees' Retirement System an additional option of electing to receive a partial lump-sum distribution as a single payment, not to exceed the sum of 24 months of the maximum monthly retirement allowance of the member, and the option may be elected in addition to the other options available to the member for the disbursement of the reduced retirement allowance, under certain conditions

To amend Sections 16-25-14 and 36-27-16, Code of Alabama 1975, relating to the retirement of members of the Teachers' Retirement System and the Employees' Retirement System who elect to receive a reduced retirement allowance; to provide an additional option of electing to receive a partial lump-sum distribution as a single payment, under certain conditions.