12-18-150
Section 12-18-150 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the Judges' and Clerks' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a judge or clerk with respect to which he or she had made contributions pursuant to Section 12-18-152 during the five years in his or her last 10 years of membership service for...
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36-27-170
Section 36-27-170 Participation in plan. (a) As governed by this subsection, there exists as a part of this retirement system, an optional account known as the Deferred Retirement Option Plan, which may be cited as "DROP." The purpose of DROP is to allow, contractually, in lieu of immediate withdrawal from service and receipt of a retirement allowance, continued employment for a specific period of time, coupled with the deferral of receipt of a retirement allowance until the end of such period of participation, at which time the member shall withdraw from service. (b) Participation in DROP is an option available to any member of this retirement system who meets all of the following: (1) Has at least 25 years of creditable service exclusive of sick leave. (2) Is at least 55 years of age, or in the case of a state police member, is at least 52 years of age. (3) Is eligible for service retirement. (c) An election to participate in DROP may be made in one year increments not to exceed five...
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12-17-227
Section 12-17-227 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this division, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the District Attorneys' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a district attorney with respect to which he or she had made contributions pursuant to Section 12-17-227.2 during the five years in his or her last 10 years of membership service...
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36-27-24
Section 36-27-24 Funds for assets of retirement system - Creation; composition; disposition of funds; appropriations. (a) 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 and 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. (b) Annuity Savings Fund. 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: Effective October 1, 1971, each employer shall...
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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...
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12-18-111
Section 12-18-111 Transfer of contributions and creditable service - Eligibility requirements; adjusted benefits; formulas; district or probate judges excepted; spouses benefits. (a) Any member of the Judicial Retirement Fund of Alabama whose creditable service and contributions have been certified and transferred to the Judicial Retirement Fund, shall be entitled to retire under the said fund on service or disability, upon attaining sufficient years of age and creditable service, including credit for service transferred to the fund under the provisions of this article, to qualify for said retirement, in accordance with the service and age requirements contained in this chapter for the judicial position in which such member is serving at the time of retirement, subject to the adjustments in benefits and allowances provided for in this section. The surviving spouse of a member of the Judicial Retirement Fund shall be entitled to count or employ creditable service certified and...
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12-18-112
Section 12-18-112 Transfer of contributions and creditable service - District judge's adjusted benefit formulas; spouse's benefits. In the event a member of the Judicial Retirement Fund, who is a district judge, or a surviving spouse thereof, must employ and count creditable service transferred under this article to qualify for retirement and/or benefits under the fund, the benefits or allowances payable to such member or spouse shall be calculated as follows, and shall be in lieu of any and all other rights, benefits and allowances, except social security payments: (1) The annual service allowance payable to a retiring district judge shall be an annual amount equal to the sum of: a. The amount which results when 90 percent of the retirement benefits payable by the state to circuit judges on the date such district judge retires (as is provided under Section 12-18-58) is multiplied by the ratio created when the member's number of years of creditable service, excluding transferred...
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12-18-113
Section 12-18-113 Transfer of contributions and creditable service - Probate judge's adjusted benefit formulas; spouse's benefits. In the event a member of the Judicial Retirement Fund, who is a probate judge, or a surviving spouse thereof, must employ and count creditable service transferred under this article to qualify for retirement and/or benefits under the fund, the benefits or allowances payable to such member or spouse shall be calculated as follows, and shall be in lieu of any and all other rights, benefits and allowances, except Social Security payments: (1) The annual service allowance payable to a retiring probate judge shall be an annual amount equal to the sum of: a. The amount which results when 75 percent of the base sum or salary upon which such judge was contributing, as provided in Section 12-18-82, immediately prior to retirement is multiplied by the ratio created when the member's number of years of creditable service, excluding transferred credit, is compared to...
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12-18-8.3
Section 12-18-8.3 Restoration of prior creditable service; participation in other public retirement systems. Notwithstanding any other provisions in this chapter, any judge who is currently a member of the Judicial Retirement Fund or who becomes a member of the Judicial Retirement Fund at a future date, who had previously withdrawn his or her funds from the Judicial Retirement Fund or whose account had been terminated due to a five-year absence shall have restored to him or her all creditable service if the judge completes two years of contributing membership service after he or she again becomes a member of the retirement fund and subsequently repays to the Secretary-Treasurer of the Judicial Retirement Fund the amount previously returned to him or her including compounded interest of eight percent to the date of repayment, prior to the date of retirement of the member. Notwithstanding the foregoing provisions, any member who elects to purchase credit for withdrawn service shall be...
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36-27-15.2
Section 36-27-15.2 Granting of credit for out-of-state service, service as support employee or teachers' aide, Teachers' Corps service, and Job Corps service. (a)(1) Any member of the Teachers' Retirement System of Alabama or any member of the Employees' Retirement System of Alabama shall be eligible to receive up to 10 years of creditable service for employment in public education in states other than Alabama, for prior service in public education in Alabama as a support employee or a teacher's aide, for regular full-time service with the Teachers' Corps in the State of Alabama, for regular full-time service with the Job Corps, or for up to 10 years of creditable service for public employment rendered in states other than Alabama, provided that the member of the retirement system claiming the credit shall have attained not less than 10 years of contributing membership service credit, exclusive of military service credit, under the retirement system of which he or she is a member; and,...
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