Education policy and funding
HB1 - Retirement, Deferred Retirement Option Plan (DROP), open participation in Employees' Investment Retirement Plan (EIRP), options for Tier I and Tier II members to participate, reopened, Secs. 16-25-150, 16-25-151, 36-27-170, 36-27-171 am'd.
Contact information for legislators and committees that might be referenced in this bill:
Representatives Representatives Phone Directory Standing House Committees
Senators Senators Phone Directory Standing Senate Committees
Find my legislators
Sponsor(s): Representatives Hanes and Sells
Synopsis: Existing law provides for the Deferred
9 Retirement Option Plan (DROP), which contractually
10 allows a member of the Employees' Retirement System
11 (ERS) or the Teachers' Retirement System (TRS) to 12 continue employment with his or her employer for a 13 specific period of time, while deferring a portion 14 of his or her retirement allowance until the end of 15 the participation period, at which time the member 16 withdraws from his or her service. 17 Existing law provides that participation in 18 DROP is prohibited after March 24, 2011. 19 This bill would open participation in an 20 Employees' Investment Retirement Plan (EIRP) and 21 would further provide options for Tier I and Tier 22 II members to participate in EIRP.
Analysis:
League Action and Justification: Monitor. LWVAL does not hold a position on Alabama state employee retirement plans.
Bill Progress in Legislature
HB1 - Retirement, Deferred Retirement Option Plan (DROP), open participation in Employees' Investment Retirement Plan (EIRP), options for Tier I and Tier II members to participate, reopened, Secs. 16-25-150, 16-25-151, 36-27-170, 36-27-171 am'd.
Contact information for legislators and committees that might be referenced in this bill:
Representatives Representatives Phone Directory Standing House Committees
Senators Senators Phone Directory Standing Senate Committees
Find my legislators
Sponsor(s): Representatives Hanes and Sells
Synopsis: Existing law provides for the Deferred
9 Retirement Option Plan (DROP), which contractually
10 allows a member of the Employees' Retirement System
11 (ERS) or the Teachers' Retirement System (TRS) to 12 continue employment with his or her employer for a 13 specific period of time, while deferring a portion 14 of his or her retirement allowance until the end of 15 the participation period, at which time the member 16 withdraws from his or her service. 17 Existing law provides that participation in 18 DROP is prohibited after March 24, 2011. 19 This bill would open participation in an 20 Employees' Investment Retirement Plan (EIRP) and 21 would further provide options for Tier I and Tier 22 II members to participate in EIRP.
Analysis:
League Action and Justification: Monitor. LWVAL does not hold a position on Alabama state employee retirement plans.
Go here. to get links to the original, engrossed, or enrolled versions of HB1. Links to amendments, substitutions, and fiscal notes are also available there.
Bill Progress in Legislature
| Calendar Date | Body | Amd/Sub | Matter | Committee | Nay | Yea | Abstain | Vote |
| 03/05/2019 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund | W&MGF | | | | |