The bill amends the Code of Alabama 1975 concerning the General Retirement System for Employees of Jefferson County, introducing significant clarifications and updates to definitions, eligibility criteria, and benefit structures. Key insertions include the definitions of "missing participants" and "missing beneficiaries," which are individuals whose whereabouts are unknown or who are nonresponsive, and provisions for the pension board to manage the forfeiture and restoration of benefits for these individuals. The bill also specifies that all members who are not vested are classified as nonvested, detailing the conditions under which benefits become vested and nonforfeitable. Additionally, it allows the pension board to adopt rules for benefit administration and clarifies that system records are not public.

The bill further streamlines the pension system by removing outdated provisions related to membership time conversion and eligibility termination, ensuring that vested benefits remain nonforfeitable. It also repeals sections that are no longer applicable, enhancing the clarity and operational efficiency of the retirement system. The effective date for these amendments is set for June 1, 2024. Overall, the bill aims to modernize the pension system's regulations, improve governance, and ensure fair treatment of members and beneficiaries.

Statutes affected:
Introduced: 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123, 45-37-123