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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except
as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to
the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-8.htm - 4K - Match Info - Similar pages
36-26-48
Section 36-26-48 Lump-sum merit reward payments for certain full-time state employees. (a)
Commencing October 1, 2019, and based on the availability of funds, an appointing authority
may provide a lump sum merit reward payment, in an amount of up to two and one-half percent
of the annual base salary of a qualified employee on his or her anniversary date if, on October
1 of the fiscal year in which the merit reward payment is to be paid, all of the following
conditions have existed for the previous two consecutive fiscal years: (1) The employee has
earned the maximum rate of pay allowed in his or her pay range. (2) The employee has met or
exceeded standards on his or her annual performance appraisal. (3) A cost-of-living increase
has not been provided to state employees. (b) At the beginning of each fiscal year, an appointing
authority shall determine what percentage amount shall be used for calculating the total amount
of lump sum merit reward payments to be paid to all qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-26-48.htm - 3K - Match Info - Similar pages
36-28-8
Section 36-28-8 Contribution Fund. (a) There is hereby established a special fund to be known
as the Contribution Fund. Such fund shall consist of and there shall be deposited in such
fund: (1) All contributions, interest and penalties collected under Sections 36-28-5 and 36-28-7;
(2) All moneys appropriated thereto under this chapter; (3) Any property or securities and
earnings thereof acquired through the use of moneys belonging to the fund; (4) Interest earned
upon any moneys in the fund; and (5) All sums recovered upon the bond of the custodian or
otherwise for losses sustained by the fund and all other moneys received for the fund from
any other source. All moneys in the fund shall be mingled and undivided. Subject to the provisions
of this chapter, the state Comptroller is vested with full power, authority and jurisdiction
over the fund, including all moneys and property or securities belonging thereto, and may
perform any and all acts whether or not specifically designated,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-28-8.htm - 5K - Match Info - Similar pages
40-18-25.1
Section 40-18-25.1 Estates and trusts - Exemptions. (a) Trusts shall be exempt from the tax
imposed by this chapter if they are exempt from federal income tax under 26 U.S.C. § 501
(relating to exempt organizations), § 401 (relating to pension and profit sharing trusts),
§ 408 and § 408A (relating to individual retirement accounts and individual retirement annuities),
§ 530 (relating to Coverdell education savings accounts), or § 664 (relating to charitable
remainder trusts). The foregoing exemption shall not apply, however, to any entity that is
not exempt from federal income tax by reason of 26 U.S.C. §§ 502 or 503, nor to any income
of an otherwise exempt organization to the extent that such income constitutes "unrelated
business taxable income," as defined in 26 U.S.C. § 512. (b) The taxation of distributions
from a trust described in 26 U.S.C. § 401 that constitutes a "defined contribution plan"
as defined in 26 U.S.C. § 414(i) shall be determined in accordance with 26...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-25.1.htm - 3K - Match Info - Similar pages
40-18-378
Section 40-18-378 Verification of employment numbers; audits; return of unearned credit amounts;
liability of incentivized companies. (a) The Department of Labor shall periodically verify
the actual number of eligible employees employed at the qualifying project and the wages of
the eligible employees during the relevant year. If the Department of Labor is not able to
provide the verification utilizing all available resources, it may request any additional
information from the incentivized company as may be necessary. The Department of Revenue may
periodically audit any incentivized company to monitor compliance by the incentivized company
with this article. Nothing in this article shall be construed to limit the powers otherwise
existing for the Department of Revenue to audit and assess an incentivized company. The Department
of Insurance shall have similar audit rights over any incentivized company that is subject
to the insurance premium tax. (b) The project agreement shall include...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-378.htm - 3K - Match Info - Similar pages
40-18-6
Section 40-18-6 Gain or loss - Basis of property; adjusted basis. (a) Basis (unadjusted) of
property. The basis of property shall be the cost of the property with the following exceptions:
(1) INVENTORY VALUE. If the property should have been included in the last inventory, the
basis shall be the last inventory value thereof. (2) GIFT or TRANSFER IN TRUST. If the property
was acquired by gift or by a transfer in trust the basis shall be determined in accordance
with 26 U.S.C. § 1015. If property was acquired by gift or transfer in trust on or after
December 31, 1932 and prior to March 15, 1985, the basis shall be the fair and reasonable
market value of the property at the time of the acquisition. (3) PROPERTY TRANSMITTED AT DEATH.
If the property was acquired from a decedent, the taxpayer's basis in the property shall be
determined in accordance with 26 U.S.C. § 1014. (4) PROPERTY ACQUIRED UPON LIKE-KIND EXCHANGE.
If the property was acquired upon an exchange described in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-6.htm - 7K - Match Info - Similar pages
40-3-8
Section 40-3-8 Proration of compensation payments; employment of staff; inventory of property
authorized; authority to contribute to cost of inventory; offices, supplies, etc., in certain
counties. (a) In every county except a county subject to subsection (b) of this section, the
compensation of the members of any board of equalization and adjustments, as provided in Section
40-3-7, shall be paid 22 1/2 percent by the state, 38 3/4 percent by the county and 38 3/4
percent by the largest municipality in the county. (b) This subsection shall apply to any
county of the state having a population of 600,000 or more according to the last or any subsequent
federal census. In each county subject to this subsection, the compensation of the members
of any board of equalization and adjustments, as provided in Section 40-3-7, shall be paid
22 1/2 percent by the state, 38 3/4 percent by the county and 38 3/4 percent by the largest
municipality in the county. (c) The compensation of the members of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-3-8.htm - 4K - Match Info - Similar pages
41-14A-3
Section 41-14A-3 Public deposits to be secured; exemptions. (a) On and after January 1, 2001:
(1) All public deposits of all covered public entities and covered public officials shall
be governed by this chapter and shall be secured as provided in this chapter. (2) All public
depositors shall, notwithstanding any other laws to the contrary, place their public deposits
with one or more qualified public depositories in accordance with this chapter. Notwithstanding
the foregoing, funds placed in interest-bearing deposits through a qualified public depository
pursuant to subsection (c) shall be exempt from the other requirements of this chapter. (3)
All financial institutions shall file the reports required by this chapter or by rule, regulation,
or order of the board of directors and all financial institutions accepting any public deposits
shall be a qualified public depository and shall comply with all provisions of this chapter,
including, without limitation, the collateral pledging...
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45-28A-42.60
Section 45-28A-42.60 Forfeiture of benefits during reemployment; retirement. (a) No person
retired after October 1, 1975, under the policemen's and firemen's retirement fund can be
reemployed full time by the City of Gadsden in any department, without first having signed
an agreement forfeiting his or her pension benefits during the time of reemployment. For purposes
of this subpart, full time employment means 20 hours or more per week. Benefits shall be resumed
upon termination of employment. In no instance shall the benefits lost during the time of
reemployment be recovered by the person. This subsection shall not be interpreted to include
those members drawing survivor's benefits. (b) Any member of the police and fire department
of a city to which this subpart applies who has been in continuous service thereof for as
long as 20 years, upon making written application to the board of trustees therefor shall,
without medical examination or disability, be retired from services in such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-42.60.htm - 2K - Match Info - Similar pages
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