Teachers' Retirement System and Employees' Retirement System; purchase of certain federal service credit by participating member
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill allows teachers and employees in Alabama’s Teachers’ Retirement System and Employees’ Retirement System to purchase credit for up to four years of federal nonmilitary service they performed for the United States government. To qualify, members must have at least 10 years of contributing membership service credit and must contribute the full actuarially determined cost of the claimed service to their retirement system, along with a certification from the relevant federal government retirement system. The credit can be purchased in increments of at least one year, and any additional contributions needed to cover administrative costs will be deducted from the member’s retirement allowance.
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Sponsors
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1 on record
Primary sponsor
J. T. 'Jabo' Waggoner
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