16-25A-40
Section 16-25A-40 Legislative findings. The Legislature finds that private employers
have provided their employees with flexible employee benefit plans which provide a savings
both to the employer and the employee, and that the State of Alabama, its departments and
agencies, may provide the same tax-effective benefits to its public education employees. It
is, therefore, the intent of the Legislature to provide for the establishment of one statewide,
universal "cafeteria plan" or flexible employee benefit plan to be made available
to all employees in public education in compliance with the Internal Revenue Code of 1986,
and to implement the plan in accordance with the rules and regulations established by the
Public Education Flexible Employees' Benefit Board created by this article. (Act 2004-650,
1st Sp. Sess., p. 31, §1.)...
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16-25A-47
Section 16-25A-47 Payroll deduction of contributions; applicability to local school
boards. Employee premium contributions shall be deducted from payroll by all employers on
a pretax basis as permitted under Section 125 of the Internal Revenue Code. All employers
must offer a flexible benefit plan to all employees by October 1, 2005. Local school boards
which are deemed by this article to be an employer retain the right to extend contracts or
agreements related to plans in existence as of October 1, 2005, or to change companies offering
the same plan benefits. (Act 2004-650, 1st Sp. Sess., p. 31, §8.)...
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45-37-123.135
Section 45-37-123.135 Annual benefit attributable to mandatory employee contributions.
(a) Effective for limitation years beginning on and after December 31, 2001, in the case of
mandatory employee contributions as defined in § 411(c)(2)(C), Internal Revenue Code, and
Treasury Regulation § 1.411(c)-1(c)(4), or contributions that would be mandatory employee
contributions if § 411, Internal Revenue Code, applied to the plan, the annual benefit attributable
to such mandatory employee contributions is determined by applying the factors applicable
to mandatory employee contributions as described in § 411(c)(2)(B) and (C), Internal Revenue
Code, and regulations promulgated under § 411, Internal Revenue Code, to those contributions
to determine the amount of a straight life annuity commencing at the annuity starting date,
regardless of whether the requirements of § 411 and § 417, Internal Revenue Code, apply.
(b) For purposes of applying such factors to the plan, the applicable...
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16-25A-21
Section 16-25A-21 Flexible employees' benefits programs. Employee premium contributions
shall be deducted, by all employers, from payroll on a pretax basis as permitted under Section
125 of the Internal Revenue Code. The board is authorized to transfer the necessary funds
from the Public Education Employees' Health Insurance Plan to the fund established by the
Public Education Flexible Employees Benefit Board for the administration of the Public Education
Flexible Employees Benefits Program. All public education employees shall be offered flexible
spending accounts by employers for pretax deductions for medical and childcare expenses. (Act
2004-646, 1st Sp. Sess., p. 6, §4.)...
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36-26-14
Section 36-26-14 Deferred compensation plans for certain employees. (a) The personnel
board may adopt, establish, and maintain a deferred compensation plan or plans, except under
Internal Revenue Code Section 403 (b), for the employees of the State of Alabama or
any city, town, county, or public entity or corporation organized pursuant to the laws of
this state. Notwithstanding the foregoing, prior to the employees of a county or political
subdivision of the county participating in a plan, the employing county or political subdivision
of the county shall approve participation in the plan. The personnel board may include in
any such plan any provision that does not cause the plan to fail to qualify for its tax-favored
treatment under the United States Internal Revenue Code, including, but not limited to, participant
loans, unforeseeable emergency or hardship distributions, Roth deferrals, rollovers, transfers
to purchase service credit, and distributions to purchase a retired public...
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45-37A-51.221
Section 45-37A-51.221 Minimum and maximum normal retirement benefit. (a) The minimum
retirement benefit payable under Section 45-37A-51.220 shall be four hundred dollars
($400) per month. The maximum normal retirement benefit payable under Section 45-37A-51.220
shall be 75 percent of final average salary, exclusive of sick leave bonus. Notwithstanding
the foregoing and to the extent applicable to governmental plans as defined in § 414(d),
Internal Revenue Code, in no event may the normal retirement benefit exceed the annual dollar
limits imposed by § 415(b), Internal Revenue Code, excluding contributions under § 414(h)(2),
Internal Revenue Code. Further, no post severance compensation shall be included for any benefit
hereunder. Post severance compensation means amounts paid by the later of: (1) Two and one-half
months after an employee's severance from employment with the employer, or (2) the end of
the limitation year that includes the date of severance from employment with the...
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16-25C-1
Section 16-25C-1 Legislative intent. It is the intent of the Legislature to make available
to participants a defined contribution plan as described in Section 401 of the Internal
Revenue Code, so as to enable the participants to conveniently and economically receive the
fullest benefits offered by federal tax law as it relates to qualified defined contribution
savings plans for public employees covered by a mandatory defined benefit public employee
savings plan and participating in voluntary supplemental deferred compensation or tax sheltered
annuity plans under Internal Revenue Code Sections 457 and 403(b) respectively. (Act 2001-704,
p. 1562, §2.)...
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36-27C-1
Section 36-27C-1 Legislative intent. It is the intent of the Legislature to make available
to participants a defined contribution plan as described in Section 401 of the Internal
Revenue Code, so as to enable the participants to conveniently and economically receive the
fullest benefits offered by federal tax law as it relates to qualified defined contribution
savings plans for public employees covered by a mandatory defined benefit public employee
savings plan and participating in voluntary supplemental deferred compensation or tax sheltered
annuity plans under Internal Revenue Code Sections 457 and 403(b) respectively. (Act 2001-704,
p. 1562, §1.)...
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45-37-123.134
Section 45-37-123.134 Purchase of permissive service credit. (a) In general. If a member
makes one or more contributions to the plan to purchase permissive service credit under the
plan, the requirements of § 415, Internal Revenue Code, shall be treated as met with respect
to these contributions if: (1) The requirements of § 415(b), Internal Revenue Code, are met,
determined by treating the accrued benefit derived from all such contributions as an annual
benefit for purposes of § 415(b), Internal Revenue Code, provided, however, the plan shall
not fail to meet the reduced limit under § 415(b)(2)(C), Internal Revenue Code, solely by
reason of this section; or (2) The requirements of § 415(c), Internal Revenue Code,
are met, determined by treating all such contributions as annual additions for purposes of
§ 415(c), Internal Revenue Code, provided, however, the plan shall not fail to meet the percentage
limitation under § 415(c)(1)(B), Internal Revenue Code, solely by reason of...
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27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
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