36-27-84
Section 36-27-84 Board of Control's and employer's duties and responsibilities; employers may elect to come under provisions. (a) Commencing with the fiscal year beginning October 1, 1988, 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 36-27-80 and 36-27-82 of this article and shall notify the chief fiscal officer of each employer the percentum rates of earnable compensation of the numbers required to be paid to the retirement system. Each employer of members of the Employees' Retirement System of Alabama shall pay on account of the increases provided in Sections 36-27-80 and 36-27-82 in the same manner and from the same source of funds as provided in Sections 36-27-24 and 36-27-7, it being the intent of the Legislature that the cost of providing the increases in Sections 36-27-80 and 36-27-82 of this article shall be distributed from all funds in proportion to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-84.htm - 1K - Match Info - Similar pages
36-27-6
Section 36-27-6 Participation of employees of counties, cities, towns, public or quasi-public organizations, etc. - Generally. (a) The governing board of any county, city, town or public or quasi-public organization of the state or of any political subdivision thereof or the Alabama Extension Service and Agricultural Experiment Station System of Auburn University may, by resolution legally adopted to conform to rules prescribed by the Board of Control, elect to have its officers and employees from whatever sources and in whatever manner paid become eligible to participate in the retirement system; and the Adjutant General of the state, with the approval of the Governor, may, by application properly prepared and submitted in conformity with rules prescribed by the Board of Control, elect to have those employees of the Alabama National Guard employed pursuant to 32 U.S.C.A., Section 709, and paid from federally appropriated funds, become eligible to participate in this retirement system....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-6.htm - 16K - Match Info - Similar pages
12-5A-9
Section 12-5A-9 Participation of eligible employees in Employees' Retirement System; creditable service; formal leave accounting system; inclusion in health insurance plan. (a) Class specifications and rates of compensation for employees covered by this chapter, juvenile probation officers, juvenile probation professional staff, and clerical staff, hereafter called "eligible employees," and any future employees occupying those positions shall be established by the Administrative Director of Courts. Notwithstanding the foregoing, the compensation of any employee shall not be diminished as a result of his or her inclusion in the state court system personnel system. (b) Eligible employees included in the state court system personnel system pursuant to this chapter shall, on October 1 of the year their county transitions, be covered by the Employees' Retirement System. An employee who on that date is participating in a local retirement plan other than a unit administered by the Employees'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-5A-9.htm - 11K - 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
45-37A-51.222
Section 45-37A-51.222 Participants vesting. (a) (1) All participants who are participants before July 1, 2017, shall vest at five years of credited service. (2) Notwithstanding anything to the contrary contained in this section, all participants who first become participants on or after July 1, 2017, shall vest at 10 years of credited service. (b) All participants may purchase previous city, county, and city library time by paying the contribution plus interest as provided herein. (c) Participants of the city and other participating entities, except the board of health, upon termination of the employment after five years of actual service to the city or other employing participating entity, shall have the option to leave in the system fund all contributions made by the terminated employee and receive a monthly retirement benefit beginning at age 60 years in an amount equal to a multiplier in the applicable percentage effective on the date of retirement as set forth in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.222.htm - 4K - Match Info - Similar pages
16-25-41
Section 16-25-41 Persons whose date of retirement is prior to October 1, 1987 or beneficiaries of deceased members or retirees entitled to cost-of-living increases - Additional adjustments. In addition to the foregoing amount an additional cost-of-living adjustment is provided effective October 1, 1989 as follows: (1) One dollar per month for each year of service attained by said retiree for each retiree selecting the maximum retirement allowance or Option 1. (2) One dollar per month for each year of service attained by said retiree reduced by the retiree's option election factor for each retiree selecting Options 2, 3 or 4. (3) One dollar per month for each year of service attained by said deceased member or deceased retiree reduced by the survivor's option factor for each beneficiary receiving monthly benefits from the Teachers' Retirement System. (Acts 1988, No. 88-600, p. 932, ยง2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-41.htm - 1K - Match Info - Similar pages
12-18-150
Section 12-18-150 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the Judges' and Clerks' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a judge or clerk with respect to which he or she had made contributions pursuant to Section 12-18-152 during the five years in his or her last 10 years of membership service for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-150.htm - 3K - Match Info - Similar pages
16-25-18
Section 16-25-18 Redetermination of allowances of certain retired members. (a) Any member who retired prior to October 1, 1975 and who has served in the armed services, as described in Section 16-25-3, shall be entitled to claim such full-time military service and to have all retirement allowances due on or after October 1, 1975 redetermined as if the provisions of said section, as amended, were in effect at the time such member retired; provided, that such retired member pays into the Teachers' Retirement System, in a lump sum prior to October 1, 1976, an amount equal to four percent of the average compensation which was paid to a teacher during each claimed year of full-time military service, plus and together therewith, eight percent interest compounded from the last date of such claimed military service; provided further, that such retired member shall not receive membership service credit for more than four years of military service and shall receive no credit for military service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-18.htm - 2K - Match Info - Similar pages
12-17-227
Section 12-17-227 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this division, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the District Attorneys' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a district attorney with respect to which he or she had made contributions pursuant to Section 12-17-227.2 during the five years in his or her last 10 years of membership service...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-21.htm - 15K - Match Info - Similar pages
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