45-37A-51.04
Section 45-37A-51.04 Membership. (a) The following shall be members of the supplemental pension
system hereby created: Members of the fire department or police department of the city who
belong to the general retirement and relief system, created by Act 929 on whose account the
city makes no contribution or pays no tax, to the United States of America under the federal
Social Security Act. (b) As used in this subpart these terms have the meanings here given
them: (1) ACT 556 CREDITABLE SERVICE. A member's service with the city during the period while
the salary deductions of Section 45-37A-51.05 applied to him or her and also his or her service
with the city during any period while salary deductions did not apply to him or her, provided
he or she exercises the option subsection (d) or (e) accords him or her to have his or her
service during the last mentioned period counted as Act 556 creditable services. (2) BENEFIT.
A benefit payable under this subpart to a member or to any person...
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45-37A-51.225
Section 45-37A-51.225 Ordinary disability allowance. (a) In the event a participant, after
having accrued five or more years of credited service, shall become totally disabled to perform
his or her customary duties as an employee of the city and not be entitled to an extraordinary
disability allowance, he or she shall in such event be entitled to a monthly ordinary disability
allowance equal to two percent of such participant's final average salary multiplied by his
or her years of credited service at the date of disability. (b) Notwithstanding anything to
the contrary contained in this section, for all participants who first become participants
on or after July 1, 2017, in the event a participant, after having accrued 10 or more years
of credited service, becomes totally disabled to perform his or her customary duties as an
employee of the city and who is not entitled to an extraordinary disability allowance, he
or she shall in that event be entitled to a monthly ordinary disability...
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45-49A-63.66
Section 45-49A-63.66 Forfeiture for cause. Notwithstanding anything in the plan to the contrary,
if a member shall at any time be convicted of a Class A felony or of an offense under any
local, state, or federal law that would result in the conviction of a Class A felony in the
State of Alabama, all benefits that would otherwise be payable to him or her under the plan
shall be forfeited. However, he or she shall be treated under the plan as if he or she had
died on the date immediately preceding the conviction for purposes of determining the benefit,
if any, payable to his or her eligible family members under Section 45-49A-63.63 if he or
she is convicted before his or her annuity starting date or to his or her beneficiary under
Section 45-49A-63.81 if he or she is convicted after his or her annuity starting date. For
purposes of this section, a Class A felony shall be a Class A felony as defined by the Title
13A, as in effect on the plan's effective date. (Act 97-689, p. 1379,...
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45-8A-22.121
Section 45-8A-22.121 Partial lump sum option. (a) Notwithstanding Section 45-8A-22.120, effective
with respect to distributions before October 1, 2012, a participant may elect to receive a
partial lump sum option whereby the amount of his or her monthly retirement benefit shall
be reduced, in return for the payment to the participant of a lump sum amount, in cash, at
the time his or her monthly pension is first payable. The participant may elect to receive
the lump sum, which is based on the reduced amount of his or her regular monthly benefit,
before any reduction for survivor benefits, for life multiplied by the specified number of
months, as set forth below: Reduction Factor Multiplier 0.91 12 months 0.83 24 months 0.77
36 months 0.71 48 months 0.67 60 months Lump Sum Benefit = Monthly Retirement Benefit X Reduction
Factor X Multiplier The monthly benefit then shall be reduced appropriately for survivor benefit
options. (b) Effective with respect to distributions on and after...
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5-17-4
Section 5-17-4 Powers generally. (a) A credit union shall have all of the following powers:
(1) To receive the savings of its members either as payment on shares or as deposits, including
the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within
the membership. (2) To accept deposits of fiduciary funds if a member is the beneficiary,
trustee, or personal representative and if the funds are part of the estate of a deceased
member. (3) To make loans to members. (4) To make loans to other credit unions, including
credit union service organizations. (5) To purchase loans from financial institutions, provided
a purchased loan is of the nature and type that the credit union could have originated itself.
(6) To make loans to a cooperative society or other organizations having membership in the
credit union. (7) To deposit funds in state and national banks, savings and loan associations,
the accounts which are insured by the Federal Deposit Insurance...
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5-24-12
Section 5-24-12 Rights at death. (a) Except as otherwise provided in this chapter, on death
of a party sums on deposit in a multiple-party account belong to the surviving party or parties.
If two or more parties survive and one is the surviving spouse of the decedent, the amount
to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11
belongs to the surviving spouse. If two or more parties survive and none is the surviving
spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially
entitled under Section 5-24-11 belongs to the surviving parties in equal shares, and augments
the proportion to which each survivor, immediately before the decedent's death, was beneficially
entitled under Section 5-24-11, and the right of survivorship continues between the surviving
parties. (b) In an account with a POD designation: (1) On death of one of two or more parties,
the rights in sums on deposit are governed by...
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11-50-409
Section 11-50-409 Liability upon bonds, etc.; payment of bonds. The bonds and other obligations
of any district incorporated under this article shall not be a debt or obligation of the State
of Alabama nor a debt or obligation of any municipality which is a member of the district;
and neither the state nor any such municipality shall be liable in any way whatsoever thereon,
nor may the holder of any such bonds or obligations compel the levy of any taxes for the payment
thereof. Said bonds shall not be payable out of any funds other than the revenues of the gas
system or systems of the district issuing the same, and each bond shall contain a recital
to that effect. Neither the members of the board of directors nor any person executing said
bonds shall be liable personally on said bonds by reason of the issuance thereof. (Acts 1951,
No. 762, p. 1319, §10.)...
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11-81-222
Section 11-81-222 Contents of complaint; order and notice of hearing to show cause why obligations
not valid. (a) The complaint by appropriate allegations, references or exhibits shall briefly
state the following: the authority for issuing such obligations; the resolution or resolutions
authorizing their issuance and the fact of their adoption and all essential proceedings had
or taken in connection therewith; the amount of the obligations to be issued; the maximum
rate of interest they are to bear; when principal and interest are to be paid and the place
of payment (unless the successful bidder at public sale will have the right to name, designate,
request or suggest the place of payment, which shall be stated if this is the case); the taxes,
other revenues or other means provided for their payment; and, in the case of obligations
payable from taxes, the amount of outstanding indebtedness payable or secured by the same
taxes and the assessed valuation for the then preceding tax year...
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12-17-227.12
Section 12-17-227.12 (Effective November 8, 2016, subject to contingencies) Fraud; correction
of errors. (a) Any person who shall knowingly make any false statement or shall falsify or
permit to be falsified any record or records of this plan in any attempt to defraud such plan
shall be guilty of a misdemeanor and, on conviction thereof by any court of competent jurisdiction,
shall be punished by a fine not exceeding $500.00, or imprisonment not exceeding 12 months,
or both such fine and imprisonment, at the discretion of the court. (b) Should any charge
or error in the records result in any member or beneficiary receiving from the fund more or
less than he or she would have been entitled to receive had the records been correct, the
Board of Control shall correct such error and, as far as practicable, shall adjust the payment
in such manner that the actuarial equivalent of the benefit to which such member or beneficiary
was correctly entitled shall be paid. (Act 2015-498, §31.)...
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12-18-161
Section 12-18-161 (Effective November 8, 2016, subject to contingencies) Fraud; correction
of errors. (a) Any person who shall knowingly make any false statement or shall falsify or
permit to be falsified any record or records of this plan in any attempt to defraud such plan
shall be guilty of a misdemeanor and, on conviction thereof by any court of competent jurisdiction,
shall be punished by a fine not exceeding $500.00, or imprisonment not exceeding 12 months,
or both such fine and imprisonment, at the discretion of the court. (b) Should any charge
or error in the records result in any member or beneficiary receiving from the fund more or
less than he or she would have been entitled to receive had the records been correct, the
Board of Control shall correct such error and, as far as practicable, shall adjust the payment
in such manner that the actuarial equivalent of the benefit to which such member or beneficiary
was correctly entitled shall be paid. (Act 2015-498, §13.)...
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