AL HB437 | 2023 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 4 2023 - 25% progression, died in committee
Action: 2023-05-04 - Introduced and Referred to House Ways and Means Education
Pending: House Ways and Means Education Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Relating to the Retirement Systems of Alabama; to provide for an annualized benefit adjustment procedure for the funding of future benefit increases to retirees of the State Employees' Retirement System and the Teachers' Retirement System which will not increase the unfunded liability of either system due to the provisions which require the actual annual cost of any increase to be authorized and funded one year at a time with no authorization or liability for the benefit increase beyond the fiscal year for which the appropriations are made.

Tracking Information

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Title

Relating to the Retirement Systems of Alabama; to provide for an annualized benefit adjustment procedure for the funding of future benefit increases to retirees of the State Employees' Retirement System and the Teachers' Retirement System which will not increase the unfunded liability of either system due to the provisions which require the actual annual cost of any increase to be authorized and funded one year at a time with no authorization or liability for the benefit increase beyond the fiscal year for which the appropriations are made.

Sponsors


History

DateChamberAction
2023-05-04HouseIntroduced and Referred to House Ways and Means Education
2023-05-04HouseRead First Time in House of Origin

Subjects


Alabama State Sources


Bill Comments

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