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 administrative procedures. Key insertions include the definitions of "designated beneficiary," "missing participants," and "missing beneficiaries," which help streamline the management of benefits for individuals whose whereabouts are unknown. The bill establishes that all members who are not vested are classified as nonvested, with a clear vesting schedule outlined—benefits become partially vested after 10 years and fully vested after 15 years of service. Additionally, the pension board is granted authority to manage administrative expenses, adopt rules for benefit administration, and handle cases involving missing participants and beneficiaries, including the ability to suspend and reinstate benefits.

The bill also removes outdated provisions, such as those that restricted active members from participating in other plans and those related to the conversion of unpaid membership time. It clarifies the conditions for granting disability benefits and eligibility for optional membership, emphasizing that vested pension benefits are nonforfeitable. Other significant changes include the replacement of the term "person" with "individual" for clarity, updates to compensation calculation methods, and the introduction of new provisions regarding the treatment of contributions and refunds. The effective date for these amendments is set for June 1, 2024, aiming to enhance the clarity, governance, and operational efficiency of the pension system for Jefferson County employees.

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