Supplement: AL HB150 | 2021 | Regular Session | HB93 for Education Policy
Bill Title: Student athletes, compensation for name, image, and likeness, working group for Historically Black Colleges and Universities (HBCU's) , created
Status: 2021-02-02 - Read for the first time and referred to the House of Representatives committee on Ways and Means Education [HB150 Detail]
Download: Alabama-2021-HB150-HB93_for_Education_Policy.html
| Committee: Education Policy | Sponsor: Baker |
| Analyst: Daniel Davenport | Date: 02/10/2021 |
FISCAL NOTE
House Bill 93 as amended and reported by the Committee on Education Policy allows Tier II plan members of the Teachers’ Retirement System (RSA) to (1) convert accrued sick leave into creditable service and (2) withdraw from service after the completion of at least 30 years of creditable service.
In addition, for pay dates beginning on or after October 1, 2021, the bill increases the member contribution rate for Tier II plan members from 6% currently to 6.75% per payroll period; and increases the member contribution rate for Tier II correctional officers, firefighters, or law enforcement officers from 7% currently to 7.75% per payroll period.
According to the actuary for the Retirement Systems of Alabama (RSA), this bill would increase total TRS employer contributions by an estimated $5.1 million for FY 2023, with approximately $3.0 million being paid from the Education Trust Fund appropriation to agencies/entities through the increase in the employer contribution rate for Tier II and Tier I by 0.05% and 0.08%, respectively, due to the increase in the unfunded liability rate associated with the change.
| Terri Collins, Chair Education Policy |
