36-27-16
Section 36-27-16 Retirement, etc., of employees; retirement allowances. (a)(1) RETIREMENT, ETC., OF EMPLOYEES GENERALLY; ELIGIBILITY FOR SERVICE RETIREMENT BENEFITS. a. Any Tier I plan member who withdraws from service upon or after attainment of age 60 and any Tier II plan member who withdraws from service upon or after attainment of age 62 may retire upon written application to the Board of Control setting forth at what time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof, he or she desires to be retired; provided, that any such member who became a member on or after October 1, 1963, shall have completed 10 or more years of creditable service; provided further, that a Tier I plan member employed as a state policeman shall be eligible to file application for service retirement upon attaining age 52 and a Tier II plan member employed as a state policeman or employed as a correctional officer, firefighter, or law enforcement officer as defined...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-16.htm - 34K - Match Info - Similar pages
16-25-21
Section 16-25-21 Method of financing. Effective October 1, 1997, all the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, namely: The Annuity Savings Fund, the Pension Accumulation Fund, and the Expense Fund. The operation of the former Pension Reserve Fund and the Annuity Reserve Fund shall be discontinued as of such date, the balance of the former Pension Reserve Fund shall be transferred to the Pension Accumulation Fund, and the balance of the former Annuity Reserve Fund shall be transferred to the Pension Accumulation Fund. (1) The Annuity Savings Fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the Annuity Savings Fund shall be made as follows: a. Each employer shall cause to be deducted from the salary of each member on each and every payroll of such employer for each and every payroll period five...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-21.htm - 15K - Match Info - Similar pages
45-28A-42.59
not be sufficient money in the policemen's and firemen's retirement fund to pay each person entitled to the benefit thereof, the full amount per month as herein provided or any time the principal of the fund reaches an amount of seven hundred thousand dollars ($700,000) or less, then an equal percentage of such monthly payment or payments shall be made to each beneficiary until the fund shall be replenished to warrant the payment in full to each of the beneficiaries; provided that the provisions of this section concerning prorated payments shall not be interpreted to include those members drawing survivors' benefits and those members of the fund who are 100 percent disabled and have no other personal income except those benefits derived from this subpart. The board of trustees, or insurance custodian as provided for in this subpart, is authorized to take such action as it deems necessary periodically to determine the actuarial status of the pension fund. (Act 80-442, p. 674, ยง11.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-42.59.htm - 1K - Match Info - Similar pages
11-40-17.3
Section 11-40-17.3 Retroactive Deferred Retirement Option Plan. (a) This section shall apply to Class 1 municipalities only. (b) There is established a Retroactive Deferred Retirement Option ("Back Drop") Plan for any retirement and relief system established pursuant to Act 1272, 1973 Regular Session (Acts 1973, p. 2124), as amended. A participant who retires at least 90 days following July 1, 2002, who has then completed at least 23 years of credited service, and who is otherwise entitled to retire and receive a normal retirement benefit, shall have the opportunity to elect a Back Drop plan. A participant eligible for the Back Drop plan can elect in writing at his or her retirement to retroactively drop his or her credited service in excess of 20 years, for a period of months not exceeding 36 months immediately preceding the date of retirement (the "Back Drop period"); provided that the beginning of the Back Drop period may not extend past the earliest date on which the participant...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-40-17.3.htm - 4K - Match Info - Similar pages
45-37A-51.228
Section 45-37A-51.228 Survivor's benefits. (a) Effective July 1, 2002, in the event of the death of a retiree or participant who, on the date of his or her death was eligible for voluntary retirement under Section 45-37A-51.220, there may be payable a monthly survivor's benefit equal to 60 percent of the monthly retirement benefit which the retiree was receiving or was entitled to receive prior to his or her death or which the participant would have been entitled to receive had he or she retired under Section 45-37A-51.220 on the day preceding his or her death; notwithstanding anything to the contrary, the survivor's benefit may be increased pursuant to Section 45-37A-51.242. In the event any survivor is being paid an amount in excess of 60 percent of the retiree's monthly benefit on May 1, 2006, such survivor's benefits shall not be decreased. (b)(1) Effective July 1, 2002, upon the death of any retiree or participant who at the time of his or her death was not eligible for voluntary...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.228.htm - 9K - Match Info - Similar pages
45-37A-52.228
Section 45-37A-52.228 Survivor's benefits. (a) Effective July 1, 2002, in the event of the death of a retiree or participant who, on the date of his or her death was eligible for voluntary retirement under Section 45-37A-51.220, there may be payable a monthly survivor's benefit equal to 60 percent of the monthly retirement benefit which the retiree was receiving or was entitled to receive prior to his or her death or which the participant would have been entitled to receive had he or she retired under Section 45-37A-51.220 on the day preceding his or her death; notwithstanding anything to the contrary, the survivor's benefit may be increased pursuant to Section 45-37A-51.242. In the event any survivor is being paid an amount in excess of 60 percent of the retiree's monthly benefit on May 1, 2006, such survivor's benefits shall not be decreased. (b)(1) Effective July 1, 2002, upon the death of any retiree or participant who at the time of his or her death was not eligible for voluntary...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-52.228.htm - 6K - Match Info - Similar pages
45-28A-42.54
Section 45-28A-42.54 Management and control of retirement fund. (a) The board of trustees of the policemen's and firemen's retirement fund is hereby declared to be the trustee of the policemen's and firemen's retirement fund and shall have the exclusive management and control thereof, and all matters legitimately connected therewith. The board of trustees shall have the power to recommend such rules and regulations as may be necessary to enable it to effectively and properly to carry into execution the purposes for which it was organized and created, and to enable it properly to manage and conduct the business entrusted to it, provided such rules and regulations shall in no way contravene this subpart; and provided further that such rules and regulations so recommended shall not become effective until written notice of such recommendations is posted in all police and fire stations of the city, and after 10 days' notice thereof, an election is held in each of the departments, in which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-42.54.htm - 6K - Match Info - Similar pages
45-37A-51.01
Section 45-37A-51.01 Purpose. (a) It is the intent of the Legislature that the additional benefits provided by this subpart shall be payable solely from the fund established by Section 45-37A-51.05, and that in no event shall any such additional benefit be payable from the fund established under Act 929. (b)(1) As used in this subsection and subsection (c), these terms have the meanings here given them. a. THE FUND. The fund that Section 45-37A-51.05 establishes, including all assets and resources in the fund or to be received by the fund in the future, and all income in the fund or to be received by the fund in the future. b. OBLIGATIONS OF THE SYSTEM. All existing, future, or contingent obligations and liabilities of the system, including every pension, allowance, or benefit which is payable, or which may become payable, out of the fund to any member of the system, or to any other person on account of such other person's relation to a member of the system, and also including the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.01.htm - 6K - Match Info - Similar pages
45-28A-42.55
fund; investment. (a) The policemen's and firemen's retirement fund shall consist of the following: (1) All of the money, securities, and things of value belonging to any similar fund that may now or hereafter be maintained in the City of Gadsden. (2) All monies or properties that may be given or donated to the fund by any persons, firm, association, or corporation for the uses and purposes for which the fund is created; and the board may take, by gift, grant, devise, or bequest, any money, personal property, real estate, or any interest therein, or any right of property, for the benefit of the fund. (3) All reward money paid to any member of the police and fire departments of the city shall be paid by the recipients of the same into the retirement fund promptly upon receipt of the same. (4) All civil or criminal witness fees received by any member of the police and fire departments for attendance at or before any court or grand jury in Etowah County wherein the city employing them is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-42.55.htm - 3K - Match Info - Similar pages
45-37-123.150
Section 45-37-123.150 Amendments. (a) The pension board shall have the right at any time to amend the plan, subject to the limitations of this section. Any amendment shall be consistent with the act, any other legislation relating to the system, or consistent with other authority granted to the pension board. Additionally, in the event that the Legislature amends the act or makes other statutory changes that impact the terms of the plan, the pension board shall cause the plan to be amended as necessary to reflect such legislation. The pension board, and each of its individual members, when acting in its or their official capacity, shall be immune from civil liability against the claims of any individual, member, or other entity of any nature whatsoever arising out of the pension board's or its members' administration of the plan or related to its decisions or actions, which decisions or actions were made in good faith, without malice, and predicated upon information that was then...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.150.htm - 2K - Match Info - Similar pages
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