45-37-123.194
Section 45-37-123.194 Prohibition against diversion of funds. (a) Except as provided below and otherwise specifically required by law, it shall be impossible by operation of the plan or of the trust agreement, by termination of either, by power of revocation or amendment, by the happening of any contingency, by collateral arrangement, or by any other means, for any part of the corpus or income of any trust fund maintained pursuant to the plan or any funds contributed thereto to be used for, or diverted to, purposes other than the exclusive benefit of members, former members, or their beneficiaries; and no funds of the system, whether in cash, securities, or otherwise, nor any income or yield thereof, shall be subject to or exacted on account of, any tax; and no retirement or disability allowance or right to return of contributions, or other benefits payable as set forth in the plan, shall be assignable or be subject to execution, levy, attachment, garnishment, or other legal process....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.194.htm - 3K - Match Info - Similar pages
45-37-123.81
Section 45-37-123.81 Actuarial methods. There shall be an actuarial valuation of the plan at least once every five years. The plan assets are to be valued on the last day of the fiscal year, or on any other date determined by the pension board, using any reasonable method of valuation. In establishing the liabilities under the plan and contributions thereto, an enrolled actuary shall use such methods and assumptions as shall reasonably reflect the cost of the benefits. The actuary shall be a member of the American Academy of Actuaries or the Society of Actuaries, and the board shall require the actuary, taking into account the result of the investigation and analysis, to certify whether or not the rates of benefits established herein or from time to time established by the pension board are actuarially feasible and adequate in view of the funds available. (Act 2013-415, p. 1586, ยง2:4.2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.81.htm - 1K - Match Info - Similar pages
45-37A-51.136
Section 45-37A-51.136 Powers and duties of the board. The board shall have such powers as are necessary for the proper administration of the system including, but not limited to, the following: (1) To prescribe procedures to be followed by participants, and their beneficiaries, in filing applications for benefits and for the furnishing of evidence necessary to establish employees' rights to such benefits. (2) To make determinations as to the rights of any participant or their beneficiaries applying for or receiving benefits, and to afford any such individual dissatisfied with any such determination the right of a hearing thereon. (3) To develop procedures for the establishment of credited service of participants; and, after affording participants an opportunity to make objection with respect thereto, to establish such service conclusively in advance of retirement. (4) To retain and pay from the fund the services of a consultant and actuary. (5) To receive and pay from the fund...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.136.htm - 2K - Match Info - Similar pages
45-37-123.170
Section 45-37-123.170 Termination. In the event that the Legislature takes appropriate action to terminate the plan, or in the event of a partial termination of the plan, all amounts shall be allocated in accordance with the provisions hereof and the accrued benefit, to the extent funded as of such date, of each affected member shall become fully vested and shall not thereafter be subject to forfeiture. However, members who were not fully vested at the time they received a complete distribution of their vested benefits prior to the date of termination, shall not become entitled to any additional vested benefits on account of plan termination. The preceding sentence does not apply to members affected by a partial termination by operation of law. Upon full termination of the plan, the county shall direct the distribution of the assets in the trust fund to the members. In such case, the trustee shall distribute the assets to the remaining members in the plan and to retired members in cash...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.170.htm - 1K - Match Info - Similar pages
45-37A-51.232
Section 45-37A-51.232 Firefighters' and police officers' supplemental pension survivors pension. Effective as of July 1, 2002, in the event a firefighter or police officer retires under the supplemental pension system established by Subpart 1, after having accumulated 20 years of credited service under the system and shall die prior to the date on which the participant would have accumulated 30 years of credited service under this system had he or she not retired but had he or she continued in employment with the city, without interruption, as a firefighter or police officer, the participant's survivor or survivors shall not receive any benefit therefrom. However, should the retired firefighter or police officer die subsequent to the date on which he or she would have accumulated 30 years of credited service hereunder, and should the retiree or participant be survived by a spouse to whom he or she was legally married at the time of the retiree's or participant's death, regardless of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.232.htm - 2K - Match Info - Similar pages
16-25A-17.1
Section 16-25A-17.1 Assistance to low income employees and retirees. The board shall provide assistance to low income employees and retirees who meet the federal poverty levels defined in this section, effective October 1, 2005, and for each fiscal year thereafter. (1) For employees and retirees who contribute to the cost of their health insurance premium and with annual income (determined as provided below on an aggregate basis for an employee or retiree and spouse) equal to or below 300 percent of the federal poverty level, the employee or retiree contribution shall be reduced as follows: a. For employees or retirees with annual income equal to or less than 100 percent of the federal poverty level, the employee contribution will be calculated using 50 percent of the applicable premium. b. For employees or retirees with annual income equal to or less than 150 percent of the federal poverty level, but more than 100 percent of the federal poverty level, the employee contribution will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25A-17.1.htm - 3K - Match Info - Similar pages
16-50-20
Section 16-50-20 Creation; composition; nominating committee; training sessions. (a) There is created a Board of Trustees for Alabama State University, the state educational institution at Montgomery, Alabama. The board of trustees shall consist of two members from the congressional district in which the institution is located and one member from each of the other congressional districts in the state as constituted on October 6, 1975, and who shall reside in that district, four members from the state at large who shall reside in different districts, two at-large members who may be selected from outside the state, and the Governor, who shall serve as an ex officio member of the board. Except for a trustee at large, the position of any trustee shall be vacated at such time as he or she shall cease to reside in the district from which he or she was appointed. The position of state at-large trustee shall be vacated if the trustee serving in the position shall cease to reside in the State...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-50-20.htm - 7K - Match Info - Similar pages
36-29-19.4
Section 36-29-19.4 Assistance to low income employees and retirees. The board shall provide assistance to low income employees and retirees who meet the federal poverty levels defined in this section, effective October 1, 2005, and for each fiscal year thereafter. (1) For employees and retirees who contribute to the cost of their health insurance premium and with annual income (determined as provided below on an aggregate basis for an employee or retiree and spouse) equal to or below 300 percent of the federal poverty level, the employee or retiree contribution shall be reduced as follows: a. For employees or retirees with annual income equal to or less than 100 percent of the federal poverty level, the employee contribution will be calculated using 50 percent of the applicable premium. b. For employees or retirees with annual income equal to or less than 150 percent of the federal poverty level, but more than 100 percent of the federal poverty level, the employee contribution shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-29-19.4.htm - 3K - Match Info - Similar pages
35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: (1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, safe deposit company, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - Match Info - Similar pages
45-37-121.25
Section 45-37-121.25 Exempt executive service. (a) The classification of exempt executive service for Class I municipalities is hereby created. The board shall have authority to designate or create positions in the exempt executive service upon recommendation or request of the appointing authority of any Class I municipality. Such positions shall be created or designated for primary policy determining positions such as department heads and their chief deputies. Persons employed in the exempt executive service shall serve at the pleasure of the appointing authority, at a rate of compensation and benefits set by the appointing authority. Such persons shall have no right of appeal to the board and no property interest in any exempt job. In the event that an employee of the classified service is appointed to the exempt executive service, such employee shall have the option to return to the classified service at any expiration or termination of the exempt appointment, at the same job...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-121.25.htm - 1K - Match Info - Similar pages
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