House approves pension reform bill

Published 12:00 am Wednesday, May 9, 2012

Gov. Robert Bentley on Tuesday praised legislative approval of pension reform measures that will ensure the viability of the state’s retirement system while also saving taxpayers more than $5 billion over 30 years.

Senate Bill 388 was approved by the House of Representatives Tuesday afternoon.  The bill received Senate approval in April.  The legislation will now go to the governor’s desk.  Bentley is planning to sign the pension reform measures.

“The measures we have outlined will protect the retirements of hard-working Alabamians while ensuring a strong retirement system for future employees,” Bentley said.  “The changes will only affect new hires who begin their employment next year or later.  The changes are fair, they uphold our commitments to current employees, and they provide a solid retirement for future employees as well.”