The bill amends the Code of Alabama 1975 concerning the General Retirement System for Employees of Jefferson County, introducing significant clarifications and updates to membership definitions, benefits, and administrative procedures. Key insertions include the definitions of "designated beneficiary," "missing participants," and "missing beneficiaries," along with a clear vesting schedule where benefits become partially vested after 10 years and fully vested after 15 years of service. The pension board is granted authority to manage administrative expenses, adopt rules for benefit administration, and handle cases involving missing participants, including the ability to suspend and reinstate benefits. Additionally, the bill removes outdated provisions that previously restricted active members from participating in other plans and clarifies that vested benefits are nonforfeitable.

Further amendments streamline the pension system's operations by eliminating certain prohibitions and clarifying the treatment of records as non-public. The bill also repeals outdated regulations regarding the conversion of unpaid membership time and establishes procedures for the forfeiture and restoration of benefits for missing participants. The effective date for these changes is set for June 1, 2024. Overall, the bill aims to modernize the retirement system, enhance clarity for members, and ensure the protection of their benefits while improving the governance and operational integrity of the pension board.

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