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45-28A-42.57
Section 45-28A-42.57 Warrants. All monies ordered to be paid from such policemen's and firemen's
retirement fund shall be paid by the secretary-treasurer of such fund only upon warrants signed
by the chair of such board of trustees and countersigned by one associate member of such board
of trustees and by the secretary-treasurer; and no warrant shall be drawn on such fund except
by order of the board of trustees, which shall be duly and regularly entered in the record
of the proceedings of the board of trustees. Any monies wrongfully paid from such fund shall
be charged against the members of the board of trustees. (Act 80-442, p. 674, §9.)...
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45-28A-42.76
Section 45-28A-42.76 Participation in Employees' Retirement System. (a) The City Council of
the City of Gadsden, Alabama, and the Board of Trustees of the Policemen's and Firemen's Retirement
Fund of the City of Gadsden may elect by resolution to have the employees of the fire and
police departments of Gadsden participate as a local unit in the Employees' Retirement System
and to transfer to that system all assets and liabilities of the fund and any other funding
required by the Employees' Retirement System for such participation pursuant to Section 36-27-6.
(b) Upon the date of acceptance by the Employees' Retirement System of the members of the
Policemen's and Firemen's Retirement System of the City of Gadsden as members of the Employees'
Retirement System, any provisions of Sections 45-28A-42.50 to 45-28A-42.75, inclusive, relating
to the establishment of a Policemen's and Firemen's Retirement Fund of the City of Gadsden,
which are in conflict with Section 36-27-6, are hereby...
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45-28A-42.52
Section 45-28A-42.52 Composition; compensation. The board of trustees of the policemen's and
firemen's retirement fund shall be composed of seven members consisting of the chief of the
police department, the chief of the fire department, a retired police officer, a retired member
of the fire department, a police officer, a member of the fire department, and a person with
financial or investment experience appointed by the Mayor of Gadsden and subject to the approval
of the Gadsden City Council. All persons appointed shall serve for four-year terms. The board
shall elect its own chair from its membership. The chair shall serve a two-year term and shall
serve until a successor is elected. The board members shall serve without compensation. (Act
80-442, p. 674, §3; Act 96-414, p. 521, §1.)...
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45-28A-42.56
Section 45-28A-42.56 Recordkeeping. The board of trustees or custodian of funds designated
by the board shall make a monthly report to the governing body of the city employing such
policemen and firemen concerning the condition of such policemen's and firemen's retirement
fund. The board of trustees shall keep minutes of every meeting in a well bound book designed
for that purpose which minute book shall be available to any contributing member of the police
department or fire department on his or her request. Each six months the board of trustees
shall post in a conspicuous place in each police station and each fire station in the city
a statement itemizing all receipts, disbursements, expenditures, and pensions paid by the
board for the preceding six months' period, stating in detail the source of such receipts,
and to whom all such expenditures, disbursements, and pension payments were made, together
with the amount of each. All such records shall be available to any contributing...
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45-28A-45.58
Section 45-28A-45.58 Exemptions. No portion of the policemen's and firemen's retirement fund
shall, before or after its order for distribution by the board of trustees to the person or
persons entitled thereto under this section, be held, seized, taken, subjected to, detained,
or levied upon, by virtue of any attachment, garnishment, execution, injunction, writ, order,
decree, or any other process whatsoever, issued out of or by any court of this state, for
the payment or satisfaction, in whole or in part, of any debt, damage, demand, claim, judgment,
or decree, against any beneficiary of such fund, but shall be exempt therefrom. The fund shall
be sacredly kept, held, and distributed for the purposes named in this subpart, and for no
other purpose whatsoever. (Act 80-442, p. 674, §10.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-45.58.htm - 1K - Match Info - Similar pages
45-28A-42.60
Section 45-28A-42.60 Forfeiture of benefits during reemployment; retirement. (a) No person
retired after October 1, 1975, under the policemen's and firemen's retirement fund can be
reemployed full time by the City of Gadsden in any department, without first having signed
an agreement forfeiting his or her pension benefits during the time of reemployment. For purposes
of this subpart, full time employment means 20 hours or more per week. Benefits shall be resumed
upon termination of employment. In no instance shall the benefits lost during the time of
reemployment be recovered by the person. This subsection shall not be interpreted to include
those members drawing survivor's benefits. (b) Any member of the police and fire department
of a city to which this subpart applies who has been in continuous service thereof for as
long as 20 years, upon making written application to the board of trustees therefor shall,
without medical examination or disability, be retired from services in such...
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45-28A-42.59
Section 45-28A-42.59 Insufficient funding. If at any time there shall not be sufficient money
in the policemen's and firemen's retirement fund to pay each person entitled to the benefit
thereof, the full amount per month as herein provided or any time the principal of the fund
reaches an amount of seven hundred thousand dollars ($700,000) or less, then an equal percentage
of such monthly payment or payments shall be made to each beneficiary until the fund shall
be replenished to warrant the payment in full to each of the beneficiaries; provided that
the provisions of this section concerning prorated payments shall not be interpreted to include
those members drawing survivors' benefits and those members of the fund who are 100 percent
disabled and have no other personal income except those benefits derived from this subpart.
The board of trustees, or insurance custodian as provided for in this subpart, is authorized
to take such action as it deems necessary periodically to determine the...
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45-28A-42.62
Section 45-28A-42.62 Increase in retirement benefits. In addition to the retirement benefits
provided for herein, the board of trustees of the policemen's and firemen's pension fund shall
have the authority, upon the vote of six of the seven trustees, to grant an increase in retirement
benefits up to a maximum of 20 percent of any increase in salary afforded active members of
the police or fire departments. (Act 80-442, p. 674, §14.)...
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22-6-72
Section 22-6-72 Duties of State Treasurer; disposition of funds. The State Treasurer shall
invest the funds in the trust fund on the direction of the board in investments which are
eligible investments for the Alabama Trust Fund as authorized by Amendment No. 450 and Amendment
No. 488 of the Constitution of Alabama of 1901. All interest earned on the investment of money
in the trust fund shall be credited to the trust fund. The State Treasurer shall receive no
fees or compensation for his or her work in complying with this provision. No funds may be
transferred to the Medicaid Agency or expended by the board except as budgeted and allotted
in accordance with the Budget Act and the Budget Management Act. Money contained in the trust
fund at the end of any year shall not revert to the General Fund or any other fund in the
State Treasury but shall remain in the trust fund until appropriated by the Legislature. (Act
2000-772, p. 1768, §3.)...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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