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36-21-70
Section 36-21-70 Retirement annuity. Any member shall, at any time after reaching the
age of 52 and completion of at least 15 years' qualified service or the completion of 25 years
of qualified service, regardless of age, be entitled to an annuity benefit. The amount of
the monthly benefit shall be determined by the board of commissioners in an amount recommended
by the actuary for the fund. The benefit shall begin upon approval by the board on the date
of the member's application for the benefits on forms provided by the board, but in no event
shall the benefit begin prior to his or her termination of service as a peace officer. The
benefits shall be paid for the life of the member, except as otherwise provided in this section.
There shall accompany any application made pursuant to this section evidence satisfactory
to the board of the date of birth of the member. If any member receiving retirement benefits
reenters employment as a peace officer, as defined in Section 36-21-60, then...
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45-37-123.101
Section 45-37-123.101 Postretirement joint survivorship pension. (a) Election of postretirement
joint survivorship pension. In lieu of a benefit under subsections (a) to (c), inclusive,
of Section 45-37-123.100, superannuation retirement benefit, early retirement benefit,
or deferred retirement benefit, respectively, a member may elect to receive a postretirement
joint survivorship pension. (1) PERCENTAGE ELECTION. In the event that a member desires to
elect pursuant to this subsection to receive a postretirement joint survivorship pension,
he or she shall elect one of the following percentages, which election shall be the actuarial
equivalent of the monthly retirement benefit provided in subsections (a) to (c), inclusive,
of Section 45-37-123.100, as applicable: a. Reduced monthly benefit payable over the
life of the member and the life of the member's designated beneficiary, 50 percent postretirement
joint survivorship pension. b. Reduced monthly benefit payable over the life of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.101.htm - 7K - Match Info - Similar pages
45-49A-63.80
Section 45-49A-63.80 Benefit payments. (a) Benefits payable to a member under Section
45-49A-63.60, Section 45-49A-63.61, or subsection (a) of Section 45-49A-63.62
shall be payable in monthly installments beginning on the first day after the latest of (1)
the day the member retires or terminates his or her employment, (2) the board approves the
member's benefit, or (3) the member has elected an optional form of benefit in accordance
with Section 45-49-63.82; however, if a member's benefit had not commenced by the later
of the first day following his or her termination of employment as a uniformed officer or
the April 1 following the calendar year in which he or she attains age 70 1/2, he or she shall
begin to receive his or her benefit on such date in accordance with Option 1 in Section
45-49A-63.81 if he or she is not married on such date or in accordance with the 50 percent
survivor benefit in Option 2 of Section 45-49A-63.81 with his or her spouse as his
or her beneficiary if he or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-63.80.htm - 2K - Match Info - Similar pages
45-37-123.194
Section 45-37-123.194 Prohibition against diversion of funds. (a) Except as provided
below and otherwise specifically required by law, it shall be impossible by operation of the
plan or of the trust agreement, by termination of either, by power of revocation or amendment,
by the happening of any contingency, by collateral arrangement, or by any other means, for
any part of the corpus or income of any trust fund maintained pursuant to the plan or any
funds contributed thereto to be used for, or diverted to, purposes other than the exclusive
benefit of members, former members, or their beneficiaries; and no funds of the system, whether
in cash, securities, or otherwise, nor any income or yield thereof, shall be subject to or
exacted on account of, any tax; and no retirement or disability allowance or right to return
of contributions, or other benefits payable as set forth in the plan, shall be assignable
or be subject to execution, levy, attachment, garnishment, or other legal process....
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45-37A-51.01
Section 45-37A-51.01 Purpose. (a) It is the intent of the Legislature that the additional
benefits provided by this subpart shall be payable solely from the fund established by Section
45-37A-51.05, and that in no event shall any such additional benefit be payable from the fund
established under Act 929. (b)(1) As used in this subsection and subsection (c), these terms
have the meanings here given them. a. THE FUND. The fund that Section 45-37A-51.05
establishes, including all assets and resources in the fund or to be received by the fund
in the future, and all income in the fund or to be received by the fund in the future. b.
OBLIGATIONS OF THE SYSTEM. All existing, future, or contingent obligations and liabilities
of the system, including every pension, allowance, or benefit which is payable, or which may
become payable, out of the fund to any member of the system, or to any other person on account
of such other person's relation to a member of the system, and also including the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.01.htm - 6K - Match Info - Similar pages
16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one
college savings alternative under the plan whereby purchasers enter into PACT contracts for
the future payment of tuition and mandatory fees at eligible educational institutions. The
PACT Program includes the PACT Trust Fund and the PACT Administrative Fund created pursuant
to this chapter. (b) The official location of the trust fund shall be the State Treasurer's
office, and the facilities of the State Treasurer shall be used and employed in the administration
of the fund including, but without limitation thereto, the keeping of records, the management
of bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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36-27-98
Section 36-27-98 Certain pensioners and annuitants, retired from local units before
units became members and receiving benefits, may receive increase; certain local units may
provide increase. (a) Any pensioner who retired from a city, town, county, or local board
before the city, town, county, or local board became a member of the Employees' Retirement
System, and who is receiving a monthly benefit on May 13, 1993, administered by the Employees'
Retirement System, may receive an increase in benefits in the amount of $60 per month if the
city, town, county, or local board elects to fund the increase, provided the pensioner retired
prior to October 1, 1992. For purposes of this section, a pensioner is a retiree who
earned retirement in any public pension plan created by the Legislature or a political subdivision.
(b) Any annuitant who retired from a city, town, county, or local board before the city, town,
county, or local board became a member of the Employees' Retirement System, and...
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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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40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation
shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions
and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement
System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement
allowances, pensions and annuities or optional allowances, approved by the Board of Control
of the Employees' Retirement System of Alabama, which exempt status is set out in Section
36-27-28. (3) The first eight thousand dollars ($8,000) of any retirement compensation, retirement
allowances, pensions and annuities, or optional allowances, received by any eligible firefighter,
as defined in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any
firefighting agency established in the State of Alabama, but only if such retirement compensation,
retirement allowances, pensions and annuities, or optional...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-19.htm - 9K - Match Info - Similar pages
45-28A-42.54
Section 45-28A-42.54 Management and control of retirement fund. (a) The board of trustees
of the policemen's and firemen's retirement fund is hereby declared to be the trustee of the
policemen's and firemen's retirement fund and shall have the exclusive management and control
thereof, and all matters legitimately connected therewith. The board of trustees shall have
the power to recommend such rules and regulations as may be necessary to enable it to effectively
and properly to carry into execution the purposes for which it was organized and created,
and to enable it properly to manage and conduct the business entrusted to it, provided such
rules and regulations shall in no way contravene this subpart; and provided further that such
rules and regulations so recommended shall not become effective until written notice of such
recommendations is posted in all police and fire stations of the city, and after 10 days'
notice thereof, an election is held in each of the departments, in which...
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