Key Votes
SB 388 - Amends State Employee Pensions - Key Vote
Alabama Key Votes
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Family
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Stage Details
Legislation - Passage (House) (69-33) - May 8, 2012
Legislation - Bill Passed (Senate) (25-8) - April 10, 2012 (Key vote)
Title: Amends State Employee Pensions
Vote Smart's Synopsis:
Vote to pass a bill that amends state employee pension laws, effective January 1, 2013.
Highlights:
- Increases the state employee retirement age from 60 to 62 years old for people joining the stae retirement plan after the passage of this act (Sec. 1).
- Specifies that for correctional officers, firefighters and law enforcement officers the retirement age is 56 years old if they have at least 10 years of creditable service (Sec. 1).
- Amends the annual pension compensation from an average of the highest paid 3 years of contributions to the annuity savings fund out of 10 years of creditable service years to an average of the highest paid 5 years (Sec. 1).
- Reduces the deduction rate of employee’s earnable compensation from 7.5 percent to 6 percent (Sec. 1).
- Specifies the deduction rate for correctional officers, firefighters and law enforcement officers except for state policeman is 7 percent (Sec. 1).
- Requires a 2/3 majority of both houses of the legislature to increase the retirement age for people who join the state retirement plan after the passage of this act (Sec. 2).
Legislation - Introduced (Senate) - March 8, 2012
Title: Amends State Employee Pensions
