Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/45-37A-51.250.htm |
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Depth: | 0 singles |
Size: | 1,444 bytes |
Modified: | 2015-05-18 12:34:54 |
Categories: | -None- |
Title: | 45-37A-51.250 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 45-37A-51.250 Pension Funding Equity Act of 2004. Solely for purposes of calculating DROP benefits and for converting lump sum amounts for compliance with § 415, Internal Revenue Code, if the system provides a benefit in a form that is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, in a fiscal year beginning in 2004 or 2005, the actuarially equivalent straight life annuity that is used for demonstrating compliance with § 415, Internal Revenue Code, shall be the greater of: (1) The straight life annuity determined using the plan rate and plan mortality table and (2) the straight life annuity determined using 5.5 percent and the applicable mortality table. A benefit is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, if it is any benefit other than a nondecreasing annuity payable for a period of not less than the life of the participant, or, in the case of a qualified preretirement survivor annuity, the life of the surviving spouse, or such other benefit described in this subpart. (Act 2011-585, p. 1289, §8.) |