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16-25-150
Section 16-25-150 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 the 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 requirements: (1) Has at least 25 years of creditable
service exclusive of sick leave. (2) Is at least 55 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 years, nor to be less than three years. A member may...
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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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36-27-171
Section 36-27-171 Withdrawal from service; death of participant. (a) On withdrawing
from service pursuant to Section 36-27-16, a member who participated in DROP: (1) Who
fulfilled his or her contractual obligation pursuant to DROP shall receive a lump-sum payment
from his or her DROP account equal to the payments made to that account on his or her behalf
plus interest. Further, the member shall receive his or her accumulated contribution made
during participation in DROP, together with interest for the period of DROP participation
as provided in subdivision (1) of subsection (c) of Section 36-27-16. In lieu of a
lump-sum payment from the DROP account, to the extent eligible under applicable tax laws,
the member's total accrued benefit may be "rolled over" directly to the custodian
of an eligible retirement plan. The member shall also begin receiving his or her monthly benefit
which had been paid directly into the DROP account during his or her participation in DROP.
However, if...
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16-25-151
Section 16-25-151 Withdrawal from service; death of participant. (a) On withdrawing
from service pursuant to Section 16-25-14, a member who participated in DROP: (1) Who
fulfilled his or her contractual obligation pursuant to DROP shall receive a lump-sum payment
from his or her DROP account equal to the payments made to that account on his or her behalf
plus interest. Further, the member shall receive his or her accumulated contribution made
during participation in DROP, together with interest for the period of DROP participation
as provided in subdivision (1) of subsection (g) of Section 16-25-14. In lieu of a
lump-sum payment from the DROP account, to the extent eligible under applicable tax laws,
the member's total accrued benefit may be "rolled over" directly to the custodian
of an eligible retirement plan. The member shall also begin receiving his or her monthly benefit
which had been paid directly into the DROP account during his or her participation in DROP.
However, the...
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45-37A-51.09
Section 45-37A-51.09 Compensation limits; forfeitures; required minimum. (a) Compensation
in excess of one hundred sixty thousand dollars ($160,000), or such other amount provided
in the Internal Revenue Code of 1986, as amended, shall be disregarded. Such amount shall
be adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B),
except that the dollar increase in effect on January 1 of any calendar year shall be effective
for the fiscal years beginning with or within such calendar year. If compensation for any
prior determination period is taken into account in determining a participant member's benefits
for the current fiscal year, the compensation for such prior determination period is subject
to the applicable annual compensation limit in effect for that prior period. (b) Notwithstanding
the foregoing and to the extent applicable to governmental plans as such are defined in Section
414(d) of the Internal Revenue Code of 1986, as amended, in no event may...
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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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16-25-14
Section 16-25-14 Retirement of members; benefits generally. (a)(1) 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, or in the case of a Tier II
plan member who is a correctional officer, firefighter, or law enforcement officer as defined
in Section 36-27-59, who withdraws from service upon or after attainment of age 56
with at least ten years of creditable service as a correctional officer, firefighter, or law
enforcement officer 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. (2) Any Tier I plan member who has attained age 60 and any Tier II plan member who...
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36-27-11
Section 36-27-11 Determination of prior creditable service; computation of creditable
service at retirement; procedure for restoration of creditable service to certain persons;
payment of makeup contributions by certain persons. (a) Under such rules and regulations as
the Board of Control shall adopt, each member who was an employee prior to October 1, 1945,
and who has made up contributions for time served as a nonmember and who becomes a member
prior to September 1, 1966, shall file a detailed statement of all service as an employee
rendered by him prior to October 1, 1945, for which he claims credit. (b) The Board of Control
shall fix and determine by appropriate rules and regulations how much service in any year
is equivalent to one year of service, but in no case shall it allow any credit for a period
of absence without pay of more than one month's duration, nor shall more than one year of
service be creditable for all service in one calendar year. (c) Subject to the restrictions...
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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...
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12-18-8
Section 12-18-8 Transfer into Judicial Retirement Fund of contributions made to Employees'
Retirement System of Alabama and receipt of credit for prior service under Employees' Retirement
System, etc., upon payment of contribution for prior years of service; refund of contributions
to Judicial Retirement Fund upon termination of service prior to eligibility for retirement
benefits under article. (a) Any justice or judge holding office as a member of the Supreme
Court, a court of appeals or of a circuit court on September 18, 1973, who has paid contributions
into the Employees' Retirement System of Alabama, shall be entitled to have such contributions
transferred from the Employees' Retirement System of Alabama into the Judicial Retirement
Fund and to receive credit for the time of service he had acquired under the Employees' Retirement
System of Alabama as time of service in the judicial position which he holds on September
18, 1973, regardless of whether or not such time of service...
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