45-37A-51.191
Section 45-37A-51.191 Employer pickup of employee contributions. The board of managers upon approval of each employer, including the board of health, shall have authority to adopt a program and plan amendments relating to that employer's employees meeting the requirements of the United States Internal Revenue Code, as amended, to allow employer payment of required participant contributions in lieu of salary or wages. (Act 2006-339, p. 851, Art. V, ยง2.)...
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26-1A-215
Section 26-1A-215 Retirement plans. (a) In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code: (1) an individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. Section 408, as amended; (2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, as amended; (3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), as amended; (4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), as amended; (5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section...
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45-37A-51.192
Section 45-37A-51.192 City's contributions. (a) The city shall pick up employer payment of required participants' contributions in lieu of salary or wages through a program and plan amendments relating to the city's employees meeting the requirements of the United States Internal Revenue Code, as amended. (b)(1) Beginning July 1, 1995, the contribution of the employer, excluding the board of health and employees of the board of health, shall be determined by the actuary of the board at the level necessary to fully fund the system. The actuary shall be required to make the determination for each actuarial year. (2) Beginning on July 1, 2017, the employer's total minimum rate of contribution into the fund, excluding the board of health, shall increase to 7.25 percent. (3) Beginning on July 1, 2018, the employer's total minimum rate of contribution into the fund, excluding the board of health, shall increase to 8.50 percent. (4) Beginning on July 1, 2020, the employer's total minimum rate...
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45-8A-22.102
Section 45-8A-22.102 Powers and duties of the retirement board.. (a) The retirement board shall be responsible for the general administration and proper operation of the plan and shall administer the plan for the exclusive benefit of participants and their beneficiaries, subject to the terms of the plan. The retirement board shall administer the plan in accordance with its terms and shall have the power and discretion to construe the terms of the plan and this subpart and to determine all questions arising in connection with the administration, interpretation, and application of the plan. Any such determination by the retirement board shall be conclusive and binding upon all persons. (1) The retirement board shall have all powers necessary or appropriate to accomplish the retirement board's duties under the plan, including, but not limited to, the following: a. To determine all questions relating to the eligibility of a sworn police officer or a sworn firefighter of the City of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.102.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-17-227.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-150.htm - 3K - Match Info - Similar pages
16-25A-8.1
Section 16-25A-8.1 Retiree contribution based on years of service. (a) The board shall set forth the employer contribution to the health insurance premium for each retiree class. (b)(1) Except as provided in subdivision (2), for employees who retire after September 30, 2005, but before January 1, 2012, the employer contribution of the health insurance premium set forth by the board for each retiree class shall be reduced by two percent for each year of service less than 25 and increased by two percent for each year of service over 25 subject to adjustment by the board for changes in Medicare premium costs required to be paid by a retiree. In no case shall the employer contribution of the health insurance premium exceed 100 percent of the total health insurance premium cost for the retiree. (2) Employees who retire on disability and apply for Social Security Disability shall be exempt from this subsection for a period of two years and thereafter if the employee is approved for Social...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25A-8.1.htm - 3K - Match Info - Similar pages
16-13-281
Section 16-13-281 Average salaries to match national average; funding; compliance. (a) The average salary of Alabama teachers, including the State Minimum Salary Schedule, local salary supplementals, state incentive pay such as National Board of Professional Teaching Standards certification, and any other salary compensation paid to Alabama teachers, shall be increased to the national average for teacher salaries as provided in this article. Beginning in the fiscal year 2001-2002, and continuing each fiscal year thereafter until such time as the Alabama teacher salary average has reached the national average for teacher salaries, there shall be allocated 41.15 percent of the growth in the Education Trust Fund for teacher salaries. The 41.15 percent of the growth shall not apply to any future new revenue source to the Education Trust Fund, including any revenue generated from an increase in the rate or a substantial change in the base of existing revenue sources. Provided, however, an...
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45-37-123.53
Section 45-37-123.53 Conversion of unpaid membership time to paid membership time. (a) Commission-authorized conversions. The commission, from time to time, may authorize members of the system to convert unpaid membership time to paid membership time if it determines that such conversion is in the public interest. Unpaid membership time may be converted to paid membership time only when specifically authorized by the commission, and as set forth below: (b) Pension board authorized conversions. The pension board, from time to time, may authorize members of the system to convert unpaid membership time to paid membership time if it determines that the conversion is in the best interest of the system. The conversion shall be conducted as set forth below. (1) ACTUARIAL STUDY AND CALCULATIONS. Before an opportunity to convert unpaid membership time to paid membership time shall be made available to any members, the pension board shall cause and the county shall pay for an actuarial...
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36-27-1
Section 36-27-1 Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) RETIREMENT SYSTEM. The Employees' Retirement System of Alabama as defined in Section 36-27-2. (2) EMPLOYEE. Any regular employee of the State of Alabama whose salary is paid by state warrant by the state, except a member of the Legislature of the state, a person who is covered or eligible to be covered under the Teachers' Retirement System of Alabama or any other retirement system to which contributions are made by the state, an elective official of the state government, and a temporary employee or person engaged under retainer or special agreement. In all cases of doubt the Board of Control shall determine who is an employee within the meaning of this article. The term shall include any regular employee of the Alabama state hospitals and Partlow State School and Hospital and the Alabama State Port Authority,...
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