HB330 Alabama 2022 Session

Relating to the General Retirement System for Employees of Jefferson County; to amend Sections 45-37-123.20 and 45-37-123.22, as amended by Act 2021-456, 2021 Regular Session, Sections 45-37-123.80 and 45-37-123.82, and Sections 45-37-123.100 and 45-37-123.104, as amended by Act 2021-456, 2021 Regular Session, of the Code of Alabama 1975, to establish an optional 25-year superannuation retirement benefit for members who commence membership in the retirement system on or after October 1, 2022, under certain conditions; to establish the amount of additional employee contributions required from members who elect to participate in the benefit; to authorize the pension board to establish rules, procedures, and forms to implement the benefit; to provide that the employer contribution related to the benefit shall remain six percent of the member's compensation each payroll period and that all additional contributions set forth in this act shall be the obligation of the member and not the obligation of Jefferson County; to provide that members who elect to participate in the benefit, upon attaining 25 years of paid membership time, may elect to terminate their employee contributions at which time the employer contribution shall also cease; and to provide for an effective date.