The bill introduces a new section, 13A-8-2.2, to the Code of Alabama 1975, establishing the crime of aggravated theft of employee retirement benefits. This crime is defined as the embezzlement, theft, or unlawful abstraction of funds or assets due to be paid as contributions to any employee retirement benefit plan. The bill specifies that "employee retirement benefit plan" includes various systems under the Retirement Systems of Alabama, such as the Teachers' Retirement System and the Employees' Retirement System. A conviction for this crime is classified as a Class C felony, and the maximum probation period is set at 10 years unless otherwise specified by law.

Additionally, the bill provides an affirmative defense for individuals who act in good faith reliance on the direction of someone in a position of authority during their employment. It also stipulates that the statute of limitations for prosecution does not begin until the deception is discovered, allowing for a six-year window for prosecution thereafter. The bill is set to take effect on October 1, 2025.