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. It also provides an affirmative defense for individuals who act in good faith reliance on the direction of someone in authority during their employment.

Additionally, the bill outlines that the limitations period for prosecution begins upon the discovery of the deceptive act and must be initiated within six years. Aggravated theft of employee retirement benefits is classified as a Class C felony, with a maximum probation period of 10 years unless otherwise specified by law. Furthermore, a conviction for this crime will be treated as a Class A or Class B felony for certain legal purposes. The act is set to take effect on October 1, 2025.