Alabama Senate Bill 310 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 11 2023 - 25% progression, died in committee
Action: 2023-05-11 - Introduced and Referred to Senate Finance and Taxation Education
Pending: Senate Finance and Taxation Education Committee
Text: Latest bill text (Introduced) [PDF]

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.

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.

Sen. Arthur Orr [R]

Date	Chamber	Action
2023-05-11	Senate	Introduced and Referred to Senate Finance and Taxation Education
2023-05-11	Senate	Read First Time in House of Origin

Type	Source
Summary	https://alison.legislature.state.al.us/bill-search
Text	https://www.legislature.state.al.us/pdf/SearchableInstruments/2023RS/SB310-int.pdf
Supplement	https://www.legislature.state.al.us/pdf/SearchableInstruments/2023RS/FiscalNotes/FN-9KYOBP-1.pdf