MONTGOMERY, Ala. (AP) - Gov. Bob Riley has signed legislation
that will provide more funding for the state budgets that will take
effect Oct. 1.
The legislation allows the accumulated liability for the state retirement programs to be computed over 30 years instead of 20 years.
Riley said the legislation he signed Monday means the state's costs for retirement benefits won't increase in the new fiscal year.
Riley said the change should mean an extra $38 million for the education budget and $5.6 million for the General Fund budget in
the new fiscal year.
Without the new law, that money would have gone for retirement costs.