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16-25-31
Section 16-25-31 Effective date of benefits; additional costs of benefits; employer
agreeing to come under provisions. The benefits provided by Sections 16-25-14(a), 16-25-14(g),
36-27-16(a), 36-27-16(c) and 36-27B-3, as amended by amendment of May 5, 1988, shall become
effective to the Teachers' and Employees' Retirement System the first day of the month next
following certification by the systems' actuary, which shall be adopted by the Board of Control
of the Teachers' and Employees' Retirement System, that the system can absorb the additional
costs of the benefits herein provided for the upcoming fiscal year without increasing the
employer contribution as set forth in subdivisions (3) and (5) of Section 16-25-21
and subsections (d) and (f) of Section 36-27-24, provided further in the case of an
employer participating pursuant to Section 36-27-6, the provisions of said sections
relating to the Employees' Retirement System as amended by said amendment of May 5, 1988,
with respect to...
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45-37A-51.09
Section 45-37A-51.09 Compensation limits; forfeitures; required minimum. (a) Compensation
in excess of one hundred sixty thousand dollars ($160,000), or such other amount provided
in the Internal Revenue Code of 1986, as amended, shall be disregarded. Such amount shall
be adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B),
except that the dollar increase in effect on January 1 of any calendar year shall be effective
for the fiscal years beginning with or within such calendar year. If compensation for any
prior determination period is taken into account in determining a participant member's benefits
for the current fiscal year, the compensation for such prior determination period is subject
to the applicable annual compensation limit in effect for that prior period. (b) Notwithstanding
the foregoing and to the extent applicable to governmental plans as such are defined in Section
414(d) of the Internal Revenue Code of 1986, as amended, in no event may...
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36-27-16.3
Section 36-27-16.3 Effective date of benefits; additional costs of benefits; employers
agreeing to come under provisions. The benefits provided by Sections 16-25-14(a), 16-25-14(g),
36-27-16(a), 36-27-16(c) and 36-27B-3, as amended by amendment of May 5, 1988, shall become
effective to the Teachers' and Employees' Retirement System the first day of the month next
following certification by the systems' actuary, which shall be adopted by the Board of Control
of the Teachers' and Employees' Retirement System, that the system can absorb the additional
costs of the benefits herein provided for the upcoming fiscal year without increasing the
employer contribution as set forth in subdivision (3) and (5) of Section 16-25-21 and
subsections (d) and (f) of Section 36-27-24, provided further in the case of an employer
participating pursuant to Section 36-27-6, the provisions of said sections relating
to the Employees' Retirement System as amended by said amendment of May 5, 1988, with respect
to...
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16-25-14
Section 16-25-14 Retirement of members; benefits generally. (a)(1) Any Tier I plan member
who withdraws from service upon or after attainment of age 60 and any Tier II plan member
who withdraws from service upon or after attainment of age 62, or in the case of a Tier II
plan member who is a correctional officer, firefighter, or law enforcement officer as defined
in Section 36-27-59, who withdraws from service upon or after attainment of age 56
with at least ten years of creditable service as a correctional officer, firefighter, or law
enforcement officer may retire upon written application to the Board of Control setting forth
at what time, not less than 30 days nor more than 90 days subsequent to the execution and
filing thereof, he or she desires to be retired; provided, that any such member who became
a member on or after October 1, 1963, shall have completed 10 or more years of creditable
service. (2) Any Tier I plan member who has attained age 60 and any Tier II plan member who...
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36-27-16
Section 36-27-16 Retirement, etc., of employees; retirement allowances. (a)(1) RETIREMENT,
ETC., OF EMPLOYEES GENERALLY; ELIGIBILITY FOR SERVICE RETIREMENT BENEFITS. a. Any Tier I plan
member who withdraws from service upon or after attainment of age 60 and any Tier II plan
member who withdraws from service upon or after attainment of age 62 may retire upon written
application to the Board of Control setting forth at what time, not less than 30 days nor
more than 90 days subsequent to the execution and filing thereof, he or she desires to be
retired; provided, that any such member who became a member on or after October 1, 1963, shall
have completed 10 or more years of creditable service; provided further, that a Tier I plan
member employed as a state policeman shall be eligible to file application for service retirement
upon attaining age 52 and a Tier II plan member employed as a state policeman or employed
as a correctional officer, firefighter, or law enforcement officer as defined...
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16-25-150
Section 16-25-150 Participation in plan. (a) As governed by this subsection, there exists
as a part of this retirement system an optional account known as the Deferred Retirement Option
Plan, which may be cited as "DROP." The purpose of DROP is to allow, contractually,
in lieu of immediate withdrawal from service and receipt of a retirement allowance, continued
employment for a specific period of time, coupled with the deferral of receipt of a retirement
allowance until the end of the period of participation, at which time the member shall withdraw
from service. (b) Participation in DROP is an option available to any member of this retirement
system who meets all of the following requirements: (1) Has at least 25 years of creditable
service exclusive of sick leave. (2) Is at least 55 years of age. (3) Is eligible for service
retirement. (c) An election to participate in DROP may be made in one year increments not
to exceed five years, nor to be less than three years. A member may...
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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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16-22-13.2
Section 16-22-13.2 Fiscal year 2002-2003 adjustments. (a) Pay increases, FY 2002-2003.
The State Budget Officer shall allocate to the State Board of Education, the Board of Trustees
of the Alabama Institute for Deaf and Blind, the Board of Youth Services School District,
the Board of Directors of the Alabama School of Fine Arts, and the Board of Trustees of the
Alabama School of Mathematics and Science for disbursement to the employees thereof funds
based on the criteria established in this section. It is not the intent of this section
to make appropriations, but the appropriations required by this section shall be made
in the annual budget act for the public schools and colleges. (1) CERTIFICATED PERSONNEL (K-12).
For the fiscal year beginning October 1, 2002, and each year thereafter, each certificated
employee at all city and county school systems and the teachers at the Department of Youth
Services School District shall receive a three percent salary increase. Each step and cell
on...
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45-8A-22.118
Section 45-8A-22.118 Maximum benefits; limitations; adjustments. (a) Annual Benefit
and Final Regulations Under Internal Revenue Code Section 415. (1) Annual Benefit.
For purposes of this section, "annual benefit" means the benefit payable
annually under the terms of the plan, exclusive of any benefit not required to be considered
for purposes of applying the limitations of Internal Revenue Code Section 415 to the
plan, in the form of a straight life annuity with no ancillary benefits. If the benefit is
payable in any other form, the annual benefit shall be adjusted to the equivalent of a straight
life annuity pursuant to subsection (c). (2) Final Regulations Under Internal Revenue Code
Section 415. Notwithstanding anything in this section to the contrary, the following
provisions apply beginning on or after January 1, 1976, except as otherwise provided in this
section. a. Incorporation by Reference. The limitations, adjustments, and other requirements
prescribed in the plan shall...
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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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