45-8A-22.123
Section 45-8A-22.123 Minimum distribution requirements. (a) In General. Benefit payments under the plan must begin by the "required beginning date," defined as April 1 of the calendar year following the later of: (1) The calendar year in which the participant attains age 70 1/2, or (2) The calendar year in which the participant terminates active employment. The participant's entire interest in the trust must be distributed, beginning no later than the "required beginning date," over the life of the participant or the lives of the participant and a designated beneficiary, or over a period not extending beyond the life expectancy of the participant or the participant and designated beneficiary. (b) Participant Dies Before Entire Interest Is Distributed. (1) Distributions Have Begun. When a participant dies after distribution of benefits has begun, the remaining portion of the participant's interest shall be distributed at least as rapidly as under the method of distributions prior to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.123.htm - 2K - Match Info - Similar pages
45-49A-61
Section 45-49A-61 Supplemental retirement benefits. (a) This section shall apply in all cities in this state which have a population of not less than 175,000 nor more than 275,000 according to the last or any subsequent federal decennial census. (b)(1) All employees of any such city (except members of the police or fire departments thereof) who have heretofore been covered by the benefits established by the provisions of Acts 1951, No. 773, Regular Session 1951 (Acts 1951, p. 1342), as amended, and who by action of the city commission or like governing body of such city become eligible to participate in the state employees pension plan, shall be entitled to receive the following benefits from the city, to be calculated as of the effective date of becoming eligible to participate in the state employees pension plan: a. Any employee eligible for retirement, upon retiring or otherwise leaving the employ of such city and becoming eligible to receive retirement benefits under Act 773, shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-61.htm - 3K - Match Info - Similar pages
36-27-194
Section 36-27-194 Pensioners who retired prior to membership of employer in system; beneficiaries. (a) Commencing October 1, 2005, any retired employee who retired from a city, town, county, or public or quasi-public organization of the state before the city, town, county, or public or quasi-public organization of the state became a member of the Employees' Retirement System, and who is receiving a monthly benefit prior to October 1, 2004, administered by the Employees' Retirement System may receive an increase in benefits of four percent, except that no pensioner shall receive an increase of less than fifteen dollars ($15) per month, provided the retired employee retired prior to October 1, 2004, and the employer decides to come under the provisions of this article and fund the increase. (b) Commencing October 1, 2005, beneficiaries of Employees' Retirement System pensioners shall receive an increase of four percent of their gross monthly benefit, but not less than fifteen dollars...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-194.htm - 1K - Match Info - Similar pages
36-27-6.5
Section 36-27-6.5 Employers authorized to provide Tier I retirement benefits to Tier II plan members. (a) Any employer participating in the Employees' Retirement System of Alabama pursuant to Section 36-27-6, may, by adoption of a resolution by May 8, 2021, elect to provide to its Tier II plan members the same retirement benefits provided to Tier I plan members. Provided, however, the Employees' Retirement System Board of Control, based on a staff review of the historical compliance with ERS requirements as well as the financial stability of the local government entity, may elect to deny the election authorized herein. The local entity may petition the Board of Control for a reconsideration of its action by May 8, 2021. The election shall be irrevocable and shall be effective at the beginning of the fiscal year following the date the resolution is received by the ERS. (b) Any employer that has not increased the Tier I member contribution rates as provided in Act 2011-676 shall develop...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-6.5.htm - 2K - Match Info - Similar pages
45-37A-51.162
Section 45-37A-51.162 Elected officials, appointed employees, and employees in the unclassified service. (a) Elected officials. (1) Each officer shall be eligible to become a member of the system by exercising the option hereby given in the manner and within the time provided for in this subsection and not thereafter. (2) Any person who is an officer may exercise such option within 90 days from the date upon which such person shall officially take office. (3) An officer desiring to become a member under this subsection shall deliver to the city director of finance, within the time above specified, a signed statement reciting that the officer elects to become a member of the system. The election thus made shall be irrevocable. After electing to become a member, an officer shall be subject to all burdens and entitled to all rights attached to membership in the system, including the subjection of the officer to salary deductions and entitlement to contributions by the city on his or her...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.162.htm - 7K - Match Info - Similar pages
36-27-204
Section 36-27-204 Pensioners who retired prior to membership of employer in system; beneficiaries. (a) Commencing October 1, 2006, any retired employee who retired from a city, town, county, or public or quasi-public organization of the state before the city, town, county, or public or quasi-public organization of the state became a member of the Employees' Retirement System, and who is receiving a monthly benefit prior to October 1, 2005, administered by the Employees' Retirement System may receive the cost-of-living increase of two percent in his or her gross monthly benefit which the Legislature committed to in Section 14 of Act 2005-316, plus an additional five percent increase in his or her gross monthly benefit, except that no pensioner shall receive an increase of less than twenty-five dollars ($25) per month, provided the retired employee retired prior to October 1, 2005, and the employer decides to come under this article and fund the increase. (b) Commencing October 1, 2006,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-204.htm - 1K - Match Info - Similar pages
27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity contracts issued by election under this section until June 30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This section shall not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity contracts issued after June 30, 2006, or by election under this section until June 30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This section shall not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - Match Info - Similar pages
36-27-120
Section 36-27-120 Amount of increase - Persons other than persons whose employer participated in Employees' Retirement System. (a) Commencing October 1, 1994, each person, except those whose employer participated in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and 36-27-7.1, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to October 1, 1994, and who is receiving or is entitled to receive a monthly allowance from the Employees' Retirement System, shall receive a cost-of-living increase of not less than twenty-five dollars ($25) per month and the increase shall be more if determined by computing the sum of the following three factors: (1) Two and one-half (2.5) percent of the individual's current gross monthly benefit, including all previous increases. (2) One dollar and fifty cents ($1.50) for each year of creditable service in covered employment prior to retirement. (3) One dollar ($1) for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-120.htm - 2K - Match Info - Similar pages
36-27-140
Section 36-27-140 Amount of increase - Persons other than persons whose employer participated in Employees' Retirement System. (a) Commencing October 1, 1998, each person, except those whose employer participated in the Employees' Retirement System pursuant to Sections 36-27-6, 36-27-7, and 36-27-7.1, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to October 1, 1998, and who is receiving or is entitled to receive a monthly allowance from the Employees' Retirement System, shall receive a cost-of-living increase of not less than thirty dollars ($30) per month and the increase shall be more if determined by computing the sum of the following two factors: (1) Four percent of the individual's current gross monthly benefit, including all previous increases. (2) Two dollars ($2) for each year of creditable service in covered employment prior to retirement. Retirees who chose Option 2, 3, or 4 shall receive the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-140.htm - 2K - Match Info - Similar pages
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