This bill proposes amendments to the General Retirement System for Employees of Jefferson County, Alabama, by clarifying definitions, vesting periods, and procedures within the retirement system. It specifies that members become partially vested after 10 years of service and fully vested after 15 years, and it outlines the method for remitting employer and employee contributions. The bill authorizes the pension board to defray administrative expenses and establishes additional qualifications for pension board members. It also includes provisions for electronic forms and notices, the suspension and reinstatement of benefits for missing participants, and the defense and indemnification of the pension board and its members from certain claims. The bill clarifies that system records are not public and repeals sections related to active members' participation after electing another plan and the conversion of unpaid membership time. The effective date of the act is to be determined upon enactment.

The bill revises definitions and terms related to the pension system, changing "person" to "individual" or "entity" and introducing new terms such as "Disabled Member." It updates the effective date of the bill from January 1, 2010, to May 23, 2013, and adjusts the compensation limit for benefit accruals. The bill also amends eligibility criteria for employees, clarifies the definition of "415 compensation," and redefines "Investment Manager." It adds definitions for terms like "INTERNAL REVENUE CODE," "JOINT SURVIVOR," "MISSING BENEFICIARY," and "MISSING PARTICIPANT," and modifies existing definitions such as "MEMBER" and "PAID MEMBERSHIP TIME." Technical corrections are made, and certain sections are repealed to reflect these changes. The bill will become effective on June 1, 2024.

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