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45-37A-51.243
Section 45-37A-51.243 Supplemental benefit. (a) In addition to the benefits described herein
for normal retirement, ordinary disability, and extraordinary disability, every participant
retired from city service or receiving a disability benefit immediately following having been
in the city service, which participant did not have active city service after July 1, 1989,
did not retire after July 1, 1990, or did not otherwise become eligible for a benefit calculated
at 2.25 percent, per year after July 1, 1990, shall have received after three years of retirement
or disability under this system an increase in monthly benefit in the amount of one hundred
fifty dollars ($150). Present and future surviving spouses or the survivors of the retirees,
who are not entitled to the 2.25 percent of the final average salary, shall have received
a monthly benefit increase in the amount of the percent of the one hundred fifty dollars ($150)
the surviving spouse or the survivor would normally be entitled...
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16-25-3
Section 16-25-3 Membership; membership credit for service in armed forces of United States;
deferred benefits. (a) The membership of the retirement system shall consist of the following:
All persons who shall become teachers after the date of establishment shall become members
of the retirement system as a condition of their employment. Any person who is a teacher on
the date of establishment shall become a member as of that date unless within a period of
90 days next following such teacher shall file with the Board of Control on a form prescribed
by the board a notice of his election not to be covered in the membership of the system and
a duly executed waiver of all present and prospective benefits which would otherwise inure
to him on account of his participation in the retirement system. (b) A teacher in service
on October 1, 1973, whose membership in the retirement system was contingent on his own election
and who elected not to become a member may thereafter apply for and be...
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36-27-23
Section 36-27-23 Board of Control; medical board, actuary. (a) The general administration and
responsibility for the proper operation of the retirement system and for making effective
the provisions of this article are hereby vested in a board of trustees which shall be known
as the Board of Control. (b) The board shall consist of 13 trustees as follows: (1) The Governor,
ex officio, who shall be chairman. (2) The State Treasurer, ex officio. (3) The State Personnel
Director, ex officio. (4) The Director of Finance, ex officio. (5) Three members of the retirement
system, to be appointed by the Governor, no two of whom shall be from the same department
of the state government nor from any department of which an ex officio trustee is the head.
The state employees appointed pursuant to this section shall be Merit System employees with
at least ten years of creditable state service and shall not be a department head or an assistant
department head. The terms of office of the three members...
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16-25-11.6
Section 16-25-11.6 Purchase of credit for employment with school operated by Department of
Defense. (a) Any active and contributing member of the Teachers' Retirement System of Alabama
who was a regular employee of a school operated by the Department of Defense of the United
States of America and is now covered by the Teachers' Retirement System shall be eligible
to receive credit for such service provided that the member of the Teachers' Retirement System
claiming such credit shall have attained not less than 10 years of contributing membership
service credit exclusive of military service credit under the Teachers' Retirement System,
and provided further that such member performs and complies with the conditions prescribed
in subsection (b). (b) A member of the Teachers' Retirement System of Alabama eligible under
subsection (a) may receive credit for employment rendered to a school operated by the Department
of Defense of the United States of America as provided in subsection (a),...
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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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16-25A-7
Section 16-25A-7 Authorization and execution of contracts; evidence of coverage; denial of
claims. (a) The board is hereby authorized to execute a contract or contracts to provide for
the benefits or the administration of the plan determined in accordance with the provisions
of this article. Such contract or contracts may be executed with one or more agencies or corporations
licensed to transact or administer group health insurance business in this state. All of the
benefits to be provided under this article may be included in one or more similar contracts
issued by the same or different companies. The board is further authorized to develop a plan
whereby it may become self-insured upon its finding that such arrangement would be financially
advantageous to the state and plan participants. (b) Before entering into any contract or
contracts authorized by subsection (a), the board shall invite competitive bids from all qualified
entities who may wish to administer or offer plans for the...
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36-26-14
Section 36-26-14 Deferred compensation plans for certain employees. (a) The personnel board
may adopt, establish, and maintain a deferred compensation plan or plans, except under Internal
Revenue Code Section 403 (b), for the employees of the State of Alabama or any city, town,
county, or public entity or corporation organized pursuant to the laws of this state. Notwithstanding
the foregoing, prior to the employees of a county or political subdivision of the county participating
in a plan, the employing county or political subdivision of the county shall approve participation
in the plan. The personnel board may include in any such plan any provision that does not
cause the plan to fail to qualify for its tax-favored treatment under the United States Internal
Revenue Code, including, but not limited to, participant loans, unforeseeable emergency or
hardship distributions, Roth deferrals, rollovers, transfers to purchase service credit, and
distributions to purchase a retired public...
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45-37A-51.131
Section 45-37A-51.131 Method of selection and terms of appointment of board members. (a) The
members of the board of managers, other than the mayor who shall always serve as chair, shall
be selected and shall serve for the term as hereafter set forth. (1) The mayor of the city
shall always serve as the chair of the system. (2) The member appointed by the personnel board
shall have a minimum of seven years' experience in an executive capacity in accounting, insurance,
actuarial, investment, or banking work, and shall be a qualified voter and shall serve a four-year
term. Should the appointed member die, resign, or otherwise be unable to serve, the vacancy
thus created shall be filled by the personnel board for the unexpired portion of the term.
(3) The first of the two members elected by a majority of the votes cast by the general employees
participants in the system shall be a participant in the system and shall be a qualified voter.
In order to assure representation of all...
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12-18-156
Section 12-18-156 Payments from plan; optional allowances; replacement beneficiaries. (a) Should
a member cease to be a judge or clerk except by death or by retirement under the provisions
of this article, the contributions standing to the credit of his or her individual account
in the fund shall be paid to him or her upon demand and, in addition to such payment, there
shall be paid five-tenths of the interest accumulations standing to the credit of his or her
individual account if he or she shall have not less than three but less than 16 years of membership
service, six-tenths of such interest accumulations if he or she shall have not less than 16
but less than 21 years of membership service, seven-tenths of such interest accumulations
if he or she shall have not less than 21 but less than 26 years of membership service and
eight-tenths of such interest accumulations if he or she shall have not less than 26 years
of membership service. (b) In case of the death of a member eligible for...
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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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