16-25-1
Section 16-25-1 Definitions. For the purposes of this chapter the following terms, unless a
different meaning is plainly required by the context, shall have the following respective
meanings: (1) RETIREMENT SYSTEM. The Teachers' Retirement System of Alabama as defined in
Section 16-25-2. (2) PUBLIC SCHOOL. Any day school conducted within the state under the authority
and supervision of a duly elected or appointed county or city board of education and any educational
institution supported by and under the control of the state or any private nondenominational
school operated nonprofit for the education of children of school age residing within a district
where no public school is available for the children. (3) TEACHER. Any teacher, principal,
superintendent, supervisor, college professor, administrative officer, or clerk employed in
any public school or public college within the state or employed in any private nondenominational
school operated nonprofit for the education of children of...
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16-25-21
Section 16-25-21 Method of financing. 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, 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. (1) 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: a. Each
employer shall cause to be deducted from the salary of each member on each and every payroll
of such employer for each and every payroll period five...
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45-49A-60
Section 45-49A-60 Retirement benefits. (a) This section shall apply to any municipality in
the State of Alabama having a population, according to the latest federal census, between
175,000 and 225,000 persons. (b) Any elected official of any such municipality who previously
has served, or who is presently serving, or who in the future may serve as such elected official,
and serves for a period of not less than 12 years, shall be paid a retirement benefit equal
to 30 percent of the average compensation he or she received as a salary during the five highest
paid years which he or she served as such elected official, which benefit shall be payable
monthly. (c) Any elected official of any such municipality who previously has served, or who
is presently serving, or who in the future may serve as such elected official, and serves
for a period of not less than 16 years, shall be paid a retirement benefit equal to 40 percent
of the average compensation he or she received as a salary during the...
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36-27-19
Section 36-27-19 Increase in maximum retirement allowance of certain state, etc., employees
- 1969 10 percent increase. (a) On or after October 1, 1969, there is hereby provided to any
state employee who is receiving a retirement allowance from the Employees' Retirement System
of Alabama and who was retired prior to October 1, 1969, an increase in his maximum retirement
allowance in the amount of 10 percent, excluding those whose monthly retirement allowance
is as much as $400.00. Such increase shall be limited so as to provide not to exceed a maximum
retirement allowance of $400.00 per month. (b) On or after October 1, 1969, there is hereby
provided to any employee who was retired prior to October 1, 1969, as an employee participating
in the Employees' Retirement System of Alabama under the provisions of Section 36-27-6, an
increase in his maximum retirement allowance in the amount of 10 percent, excluding those
whose maximum retirement allowance is as much as $400.00 per month. Such...
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36-27-54.1
Section 36-27-54.1 Purchase of credit for prior service with Alabama State Docks. (a) Any active
and contributing member of the Employees' Retirement System, who is employed by the Alabama
State Docks on October 1, 1993, may purchase credit in the Employees' Retirement System for
prior service with the state docks if the member has not received credit in the system for
the same prior service and has not vested or otherwise become eligible to receive a retirement
benefit by using the same prior service credit in another pension plan offered by the state
docks. (b) A member of the Employees' Retirement System who is eligible to purchase any prior
service credit under subsection (a) shall receive the credit if he or she pays into the system
on or before his or her date of retirement, an amount of five percent of the greater of the
member's current annual earnable compensation or average final compensation for the entire
period of prior service claimed, or any portion thereof, plus eight...
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36-27-12
Section 36-27-12 Transfer of service credits, etc., from Teachers' Retirement System of Alabama.
(a) Any member of the Employees' Retirement System who, not more than one year prior to becoming
a member of the employees' retirement system, was a member of the Teachers' Retirement System
of Alabama may elect to transfer to the Employees' Retirement System his service credits in
said Teachers' Retirement System, as provided in this section. (b) Any such member so desiring
to transfer such service credits shall notify the Board of Control of the Employees' Retirement
System after he becomes a member of the employees' retirement system of his election to transfer
such service credits and shall authorize transfer of the amount of his accumulated contributions
to his credit in said Teachers' Retirement System to the Annuity Savings Fund of the Employees'
Retirement System. (c) The Board of Control of the Teachers' Retirement System shall thereupon
certify to the Board of Control of the...
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16-25-4
Section 16-25-4 Transfer of membership from the Employees' Retirement System of Alabama generally.
(a) Any member of the Teachers' Retirement System who, not more than one year prior to becoming
a member of the Teachers' Retirement System, was a member of the Employees' Retirement System
of Alabama may elect to transfer to the Teachers' Retirement System his service credits in
said Employees' Retirement System, as herein provided. (b) Any such member so desiring to
transfer such service credits shall notify the Board of Control of the Teachers' Retirement
System after he becomes a member of the Teachers' Retirement System of his election to transfer
such service credits and shall authorize transfer of the amount of his accumulated contributions
to his credit in said Employees' Retirement System to the annuity savings fund of the Teachers'
Retirement System. (c) The Board of Control of the Employees' Retirement System shall thereupon
certify to the Board of Control of the Teachers'...
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36-27-21.1
Section 36-27-21.1 Increase in maximum retirement allowance of certain state, etc., employees
- 1978 cost-of-living increase and cost-of-living increases thereafter. (a) Except as hereinafter
provided, each person having retired under the provision of statutes governing the Teachers'
Retirement System or the Employees' Retirement System of Alabama prior to October 1, 1977,
shall be entitled to receive, in addition to present benefits, a supplemental benefit in an
amount based upon his present benefits, according to the following schedule: Present Benefits
Supplemental Benefit ($ per month) ($ per month) Less than 200.00 60.00 200.00 - 299.00 40.00
300.00 - or over 30.00 (b) There is hereby appropriated from the Education Trust Fund to the
Teachers' Retirement System of Alabama the sum of $6,424,920.00 (estimated), or as much as
is necessary to carry out the provisions of this section as they relate to the Teachers' Retirement
System of Alabama, for the fiscal year beginning October 1,...
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36-27-41
Section 36-27-41 Employees for whom system reopened; payment of contributions. (a) Any employee
who was in service on October 1, 1974, whose membership in the Employees' Retirement System
of Alabama was contingent upon his own election and who elected not to become a member, may
apply for and be admitted to membership with all prior service credit, as otherwise provided
for in Article 1 of this chapter, at any time prior to October 1, 1976; provided, that said
employee pays to the Secretary-Treasurer of the Employees' Retirement System of Alabama on
or before October 1, 1976, a sum equal to the total contributions which he would have made
as a member during his service as an employee from October 1, 1945, or the date of entry of
his employing unit, to the date of his application for membership, plus compound interest
of eight percent on such contributions. (b) Any member in service on October 1, 1974, or any
retired member of the Employees' Retirement System of Alabama, who at one time...
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36-27-133
Section 36-27-133 Funding of benefits. The cost-of-living increase granted to certain retired
persons under the Employees' Retirement System by this article may be financed, if possible,
from existing funds of the Employees' Retirement System subject to the following provisions
and conditions: (1) If the actuary for the Employees' Retirement System finds that the cost-of-living
increase can be paid for the 1996-97 fiscal year from existing funds of the system without
having a serious adverse actuarial impact on the system, beginning October 1, 1996, the Board
of Control of the system may pay the cost-of-living increase provided in this article. It
is the intent of this article as pertains to funding similar increases in the future, that
the funding thereof shall be in accordance with the actuarial soundness requirements of Section
36-27-26. If the actuarial estimate of the cost involved in funding the cost-of-living increase
provided by this article, as required by Section 36-27-26, is...
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