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HB356
183263-1:n:03/01/2017:EBO-KB/mej HB356 By Representative Patterson RFD State Government Rd
1 02-MAR-17 SYNOPSIS: This bill would create an option for certain retirees of the Teachers'
Retirement System and the Employees' Retirement System to elect to receive a lump-sum cash
payment equal to and in lieu of a portion of his or her retirement allowance, not to exceed
50 percent. This bill would require the Director of Finance to certify to the Board of Control,
the Governor, and the presiding officer of each house of the Legislature whether or not available
funds are sufficient and economic conditions are satisfactory to support the financial viability
of the lump-sum retirement allowance option and would delay the offering of the option for
a period of 12 months if economic conditions do not support the viability of the lump-sum
option. This bill would also create the Alabama Pension Authority and would authorize the
authority to issue bonds to fund the lump-sum retirement allowance...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB356.htm - 122K - Match Info - Similar pages
SB321
183263-1:n:03/01/2017:EBO-KB/mej SB321 By Senator Hightower RFD Finance and Taxation Education
Rd 1 15-MAR-17 SYNOPSIS: This bill would create an option for certain retirees of the Teachers'
Retirement System and the Employees' Retirement System to elect to receive a lump-sum cash
payment equal to and in lieu of a portion of his or her retirement allowance, not to exceed
50 percent. This bill would require the Director of Finance to certify to the Board of Control,
the Governor, and the presiding officer of each house of the Legislature whether or not available
funds are sufficient and economic conditions are satisfactory to support the financial viability
of the lump-sum retirement allowance option and would delay the offering of the option for
a period of 12 months if economic conditions do not support the viability of the lump-sum
option. This bill would also create the Alabama Pension Authority and would authorize the
authority to issue bonds to fund the lump-sum retirement...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB321.htm - 122K - Match Info - Similar pages
SB269
183388-1:n:03/02/2017:KMS/th LRS2017-1084 SB269 By Senator Dial RFD Finance and Taxation General
Fund Rd 1 02-MAR-17 SYNOPSIS: Under existing law, there is no provision for retirees and beneficiaries
receiving monthly benefits from the Employees' Retirement System to receive a funded one-time
lump-sum addition to their retirement allowances. This bill would provide such a payment to
certain retirees and beneficiaries under the Employees' Retirement System. A BILL TO BE ENTITLED
AN ACT To provide for a funded one-time lump-sum addition to the retirement benefits of certain
retirees and beneficiaries of the Employees' Retirement System. BE IT ENACTED BY THE LEGISLATURE
OF ALABAMA: Section 1. (a) There is provided for fiscal year 2017-2018 a funded one-time lump-sum
payment, hereinafter referred to as lump-sum payment, to each person except those whose employer
participated in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and
36-27-7.1, Code of Alabama 1975,...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB269.htm - 4K - Match Info - Similar pages
HB342
Rep(s). By Representatives McMillan, Shiver and Davis HB342 ENROLLED, An Act, To provide for
an optional one-time lump-sum addition to the retirement benefits of certain retirees and
beneficiaries of those whose employer participated in the Employees' Retirement System pursuant
to Sections 36-27-6, 36-27-7, and 36-27-7.1, Code of Alabama 1975. BE IT ENACTED BY THE LEGISLATURE
OF ALABAMA: Section 1. (a) There is provided for fiscal year 2017-2018 an optional one-time
lump-sum payment, hereinafter referred to as lump-sum payment, to those whose employer participated
in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and 36-27-7.1,
Code of Alabama 1975, whose effective date of retirement for purposes of receiving benefits
from the Employees' Retirement System is prior to May 1, 2017, and who is receiving or is
entitled to receive a monthly allowance from the Employees' Retirement System on November
30, 2017. (b) The formula for calculating the lump-sum payment...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB342.htm - 8K - Match Info - Similar pages
SB3
SB3 ENGROSSED By Senators Dial, Holley, McClendon, Livingston, Whatley and Ward A BILL TO BE
ENTITLED AN ACT Relating to retirement; to provide for a funded one-time lump-sum addition
to the retirement benefits of certain retirees and beneficiaries of the Teachers' Retirement
System. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. (a) There is hereby provided
for fiscal year 2017-2018 a funded one-time lump-sum payment, hereinafter referred to as "lump-sum
payment," in the amount of $400.00 to each person whose effective date of retirement
for purposes of receiving benefits from the Teachers' Retirement System is prior to October
1, 2016, and who is receiving or is entitled to receive a monthly allowance from the Teachers'
Retirement System on September 30, 2017. (b) Beneficiaries of deceased members or deceased
retirees, if the date of death for the deceased member, or the effective date of retirement
for the deceased retiree for purposes of receiving benefits from the...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB3.htm - 3K - Match Info - Similar pages
HB1
185344-1:n:04/18/2017:KBH/mfc LRS2017-1662 HB1 By Representatives Hanes, Shedd, Whorton (I),
Whorton (R), Wadsworth, Fincher, Mooney and Standridge RFD Ways and Means General Fund Rd
1 09-JAN-18 SYNOPSIS: Existing law provides for the Deferred Retirement Option Plan (DROP),
which contractually allows a member of the Employees' Retirement System (ERS) or the Teachers'
Retirement System (TRS) to continue employment with his or her employer for a specific period
of time, while deferring a portion of his or her retirement allowance until the end of the
participation period, at which time the member withdraws from his or her service. Existing
law provides that participation in DROP is prohibited after March 24, 2011. This bill would
reopen participation in the DROP program and would further provide options for Tier I and
Tier II members to participate in DROP. A BILL TO BE ENTITLED AN ACT To amend Sections 16-25-150,
16-25-151, 36-27-170, and 36-27-171 of the Code of Alabama 1975, relating...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB1.htm - 33K - Match Info - Similar pages
HB532
185344-1:n:04/18/2017:KBH/mfc LRS2017-1662 HB532 By Representatives Hanes, Whorton (R) and
Mooney RFD Ways and Means General Fund Rd 1 18-APR-17 SYNOPSIS: Existing law provides for
the Deferred Retirement Option Plan (DROP), which contractually allows a member of the Employees'
Retirement System (ERS) or the Teachers' Retirement System (TRS) to continue employment with
his or her employer for a specific period of time, while deferring a portion of his or her
retirement allowance until the end of the participation period, at which time the member withdraws
from his or her service. Existing law provides that participation in DROP is prohibited after
March 24, 2011. This bill would reopen participation in the DROP program and would further
provide options for Tier I and Tier II members to participate in DROP. A BILL TO BE ENTITLED
AN ACT To amend Sections 16-25-150, 16-25-151, 36-27-170, and 36-27-171 of the Code of Alabama
1975, relating to the Deferred Retirement Option Plan (DROP); to...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB532.htm - 33K - Match Info - Similar pages
SB381
185648-1:n:04/20/2017:KBH/cj LRS2017-1836 SB381 By Senators Shelnutt and Stutts RFD Finance
and Taxation Education Rd 1 20-APR-17 SYNOPSIS: Existing law provides for the Deferred Retirement
Option Plan (DROP), which contractually allows a member of the Employees' Retirement System
(ERS) or the Teachers' Retirement System (TRS) to continue employment with his or her employer
for a specific period of time, while deferring a portion of his or her retirement allowance
until the end of the participation period, at which time the member withdraws from his or
her service. Existing law provides that participation in DROP is prohibited after March 24,
2011. This bill would reopen participation in the DROP program and would further provide options
for Tier I and Tier II members to participate in DROP. A BILL TO BE ENTITLED AN ACT To amend
Sections 16-25-150, 16-25-151, 36-27-170, and 36-27-171 of the Code of Alabama 1975, relating
to the Deferred Retirement Option Plan (DROP); to reopen...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB381.htm - 33K - Match Info - Similar pages
HB326
Rep(s). By Representative Wood HB326 ENGROSSED A BILL TO BE ENTITLED AN ACT Relating to retirement
benefits; to amend Sections 16-25-14, 16-25-21, 36-27-16, and 36-27-24, Code of Alabama 1975;
to allow Tier II members of the Employees' Retirement System or the Teachers' Retirement System
employed as a correctional officer, firefighter, or law enforcement officer to retire with
full benefits upon completion of 25 years of service; to increase the benefit multiplier used
to determine retirement allowances for local firefighters and law enforcement officers, with
an option for local employers participating in the Employees' Retirement System to opt out
of this increase by adopting a resolution on or before September 30, 2017; and to provide
that Tier II members of the Employees' Retirement System or the Teachers' Retirement System
employed as a correctional officer, firefighter, or law enforcement officer to contribute
eight and one-quarter percent of his or her earnable compensation to...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB326.htm - 87K - Match Info - Similar pages
SB333
175381-2:n:02/21/2017:PMG/tgw LRS2016-1013R1 SB333 By Senator Chambliss RFD Finance and Taxation
Education Rd 1 16-MAR-17 SYNOPSIS: Under existing law, a Tier II correctional officer, firefighter,
or law enforcement officer is eligible for full retirement benefits if he or she retires after
the age of 56 with at least 10 years of creditable service as a correctional officer, firefighter,
or law enforcement officer. This bill would allow Tier II members of the Employees' Retirement
System or the Teachers' Retirement System employed as a correctional officer, firefighter,
or law enforcement officer to retire with full retirement benefits upon completion of 25 years
of service. The bill would also provide that Tier II members of the Employees' Retirement
System or the Teachers' Retirement System employed as a correctional officer, firefighter,
or law enforcement officer shall contribute eight and one-quarter percent of his or her earnable
compensation to the retirement system. A BILL TO...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB333.htm - 87K - Match Info - Similar pages
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