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.
Summary
RSA, procedure established for funding benefit increases of ERS and TRS retirees
Bill status
introduced
1 of 4 stages cleared
Introduction
May 2023
Committee Review
Floor Vote
Governor
Introduced May 11, 2023
Last action May 11, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
0
May 11, 2023
Introduced
Introduced and Referred (Finance and Taxation Education)
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Arthur Orr
RRepublican
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