36-27-24
Section 36-27-24 Funds for assets of retirement system - Creation; composition; disposition of funds; appropriations. (a) Effective October 1, 1997, all the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, namely, the Annuity Savings Fund, the Pension Accumulation Fund, and the Expense Fund. The operation of the former Pension Reserve Fund and the Annuity Reserve Fund shall be discontinued as of such date and the balance of the former Pension Reserve Fund shall be transferred to the Pension Accumulation Fund, and the balance of the former Annuity Reserve Fund shall be transferred to the Pension Accumulation Fund. (b) Annuity Savings Fund. The Annuity Savings Fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the Annuity Savings Fund shall be made as follows: Effective October 1, 1971, each employer shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-24.htm - 15K - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-13-281.htm - 9K - 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
16-13-231
Section 16-13-231 Purposes and plan of apportionment. (a) In addition to all other appropriations and apportionments of public school money now provided by law and made available for public schools there shall be apportioned and paid to local boards of education from the Foundation Program Fund, the amounts to be determined as hereinafter provided and in accordance with regulations of the State Board of Education. This Foundation Program Fund shall be used principally: (1) To aid in providing at least a 180 full instructional day minimum school term, or the hourly equivalent thereof, except as otherwise provided in paragraph c. of subdivision (1) of subsection (b); and, (2) To assist in the promotion of educational opportunity for all children in the public schools. (b) The following requirements and procedures, supplemented when necessary by regulations of the State Board of Education, shall govern the apportionment of the fund: (1) REQUIREMENTS FOR PARTICIPATING IN FUND. In order for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-13-231.htm - 14K - Match Info - Similar pages
40-17-359
Section 40-17-359 Distribution and use of proceeds. (a) For the purpose of this section, the following terms shall have the meanings ascribed below: (1) BASE ANNUAL COUNTY DISTRIBUTION. Five hundred fifty thousand dollars ($550,000). (2) COST OF COLLECTION. The amounts from the proceeds of the highway gasoline tax that may be appropriated by the Legislature to the department for its operating expenses. (3) COUNTY. Each county in the state. (4) FISCAL YEAR. The fiscal year of the state. (5) DEPARTMENT OF TRANSPORTATION. The Department of Transportation of the state. (6) HIGHWAY GASOLINE TAX. Both of the following: a. The excise tax levied under subdivision (1) of subsection (a) of Section 40-17-325, with the exception of those portions of the tax levied on aviation fuel and marine gasoline. b. The excise tax levied by Sections 40-17-140 to 40-17-155, inclusive, except that portion of the tax imposed on diesel fuel. (7) LOCAL SUBDIVISIONS' SHARES OF THE NET TAX PROCEEDS. The 55 percent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-17-359.htm - 28K - Match Info - Similar pages
36-27-124
Section 36-27-124 Notification of employers who have withdrawn from participation. The Board of Control of the Employees' Retirement System may notify any employer who participated in the Employees' Retirement System and has withdrawn from participation on March 18, 1994 that the cost-of-living increases provided by this article and Article 3A of this chapter, are available to their retirees and beneficiaries provided the employer elects to fund the increase. (Acts 1994, No. 94-232, p. 317, ยง5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-124.htm - 809 bytes - Match Info - Similar pages
36-27-142
Section 36-27-142 Amount of increase - Persons whose employer participated in the Employees' Retirement System. Commencing October 1, 1998, each person whose employer participated in the Employees' Retirement System pursuant to Sections 36-27-7 and 36-27-7.1, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to July 1, 1998, and who is receiving a monthly allowance or is eligible to receive a monthly allowance from the Employees' Retirement System, shall receive a cost-of-living increase in the amount of one half the amount of the years of service factor and the full amount (four percent) of the current gross benefit factor of the formula in Section 36-27-140. Retirees who chose Option 2, 3, or 4 shall receive the cost-of-living increase reduced by the same percentage as the reduction which occurred because of the option selected unless the designated beneficiary under the option is deceased on July 1, 1998, in which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-142.htm - 1K - Match Info - Similar pages
36-27-97
Section 36-27-97 Board of Control's and employer's duties and responsibilities; board may notify employers withdrawn from participation of cost-of-living increases. (a) The Board of Control of the Employees' Retirement System shall determine annually the amount required to pay the cost of the increased allowance provided under Sections 36-27-94 and 36-27-96 of this article, and shall notify the chief fiscal officer of each employer the percentum rates of earnable compensation of the members required to be paid to the retirement systems. Each employer of members of the Employees' Retirement System shall pay on account of the increases provided in Sections 36-27-94 and 36-27-96 in the same manner and from the same source of funds as provided in Sections 36-27-7 and 36-27-24, it being the intent of the Legislature that the cost of providing the increases in Sections 36-27-94 and 36-27-96 of this article shall be distributed from all funds in proportion to the salaries paid therefrom for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-97.htm - 1K - Match Info - Similar pages
36-27-151
Section 36-27-151 Amount of increase - Persons whose employer elects to come under provisions. (a) Commencing October 1, 2000, each person whose employer participated in the Employees' Retirement System pursuant to Section 36-27-6, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to July 1, 2000, and who is receiving or is entitled to receive a monthly allowance from the Employees' Retirement System, may receive a cost-of-living increase determined by the provisions used in Section 36-27-150, if the employer elects to come under this article. Any employer making the election to come under this article shall bear the cost of the cost-of-living increases paid to its employees pursuant to this section. Any employer participating under Section 36-27-6, may elect to come under the article at anytime and have this article become effective on October 1, 2000, or on October 1 of any subsequent fiscal year and the employer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-151.htm - 1K - Match Info - Similar pages
36-27-181
Section 36-27-181 Amount of increase - Persons whose employers elects to come under provisions. (a) Commencing October 1, 2002, each person whose employer participated in the Employees' Retirement System pursuant to Section 36-27-6, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to October 1, 2001, and who is receiving or is entitled to receive a monthly allowance from the Employees' Retirement System, may receive a cost-of-living increase determined by the provisions used in Section 36-27-180, if the employer elects to come under this article. Any employer making the election to come under the article shall bear the cost of the cost-of-living increases paid to its employees pursuant to this section. Any employer participating under Section 36-27-6, may elect to come under this article at any time and have the article become effective on October 1, 2002, or on October 1 of any subsequent fiscal year and the employer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-181.htm - 1K - Match Info - Similar pages
|