45-37-123.136
Section 45-37-123.136 Qualified Section 415(m) plan. In order to yield the maximum benefit specified under this part, without regard to the § 415, Internal Revenue Code, limitations, a qualified plan under § 415(m), Internal Revenue Code, shall be established by the pension board in order to provide any additional benefit needed to, in the aggregate, yield such maximum benefit. Any § 415(m), Internal Revenue Code, plan established by the commission or pension board prior to the effective date of this part is hereby ratified, validated, and confirmed. The pension board shall be authorized to establish, modify, or replace any § 415(m), Internal Revenue Code, plan, or other plan as may hereinafter be authorized by federal law, in order to provide any additional benefit needed to, in the aggregate, yield such maximum benefit. (Act 2013-415, p. 1586, §2:6.7.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.136.htm - 1K - Match Info - Similar pages
45-37-123.100
Section 45-37-123.100 Retirement benefits. (a) Superannuation retirement benefit. (1) ELIGIBILITY. A member shall be eligible for a superannuation retirement benefit if: a. The member has 30 or more years of paid membership time, regardless of age; b. The member has 10 or more years of paid membership time and has attained the age of 60; or c. The member has 30 years of service, 20 years of which are paid membership time, and has attained the age of 55. (2) CALCULATION OF BENEFIT. If a member meets the foregoing eligibility criteria, then the member shall be eligible to retire and receive a monthly benefit for the remainder of his or her life to be determined by the following formula: a. Two and one-half percent multiplied by the basic average salary multiplied by the number of years of paid membership time; plus b. Five-eights of one percent multiplied by the basic average salary multiplied by the number of years of unpaid membership time, if applicable. (3) SEVENTY-FIVE PERCENT...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.100.htm - 12K - Match Info - Similar pages
45-37-123.104
Section 45-37-123.104 Withdrawal and refund of employee contributions. The following provisions generally govern a member's withdrawal and refund of employee contributions under the plan. Any member who fails to make application for the amount of his or her employee contributions pursuant to this section within five years after his or her separation from the service of the county, except as otherwise provided herein or otherwise determined by the pension board, shall be deemed to have forfeited and donated such employee contributions to the trust fund pursuant to Section 45-37-123.83. The foregoing five year rule only applies to a member; in the case of a beneficiary, the pension board may only forfeit employee contributions after it has exhausted reasonable efforts to locate the beneficiary. (1) WITHDRAWAL OF EMPLOYEE CONTRIBUTIONS BY MEMBERS NOT ENTITLED TO A DEFERRED RETIREMENT BENEFIT. In the event that a member ceases to be an employee of the county for reasons other than...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.104.htm - 10K - Match Info - Similar pages
40-7-25.1
Section 40-7-25.1 Current use value of Class III property - Definition; appraisal of property at request of owner; legislative intent; applicability of section; method of valuation; factors considered in appraisal; rules and regulations of Department of Revenue; hearing objections. (a) For ad valorem tax years beginning on and after October 1, 1978, with respect to taxable property defined in Section 40-8-1, as amended, as Class III property and upon request by the owner of such property as hereinafter provided, the assessor shall base his appraisal of the value of such property on its current use on October 1 in any taxable year and not on its fair and reasonable market value. Failure of an owner of Class III property to request appraisal at current use value shall mean that the property shall be valued on its fair and reasonable market value as otherwise provided in this title until such time as the owner thereof shall request valuation on the basis of current use value. As used in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-7-25.1.htm - 24K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.118.htm - 30K - Match Info - Similar pages
45-37-123.22
Section 45-37-123.22 Powers and duties of the pension board. (a) The pension board shall be responsible for the general administration and proper operation of the plan, and shall administer the plan for the exclusive benefit of the members and their beneficiaries, subject to the specific terms of the plan. The pension board shall administer the plan in accordance with its terms and shall have the power and discretion to construe the terms of the plan and the act and to determine all questions arising in connection with the administration, interpretation, and application of the plan. Any such determination by the pension board shall be conclusive and binding upon all persons. The pension board may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the plan; provided, however, that any procedure, discretionary act, interpretation, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.22.htm - 5K - Match Info - Similar pages
45-37-123.108
Section 45-37-123.108 Direct rollovers. Except as otherwise specifically provided in this section, this section shall be effective as of January 1, 1993. (1) ROLLOVERS GENERALLY. a. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, a distributee, at the time and in the manner prescribed by the pension board, may elect to have any portion of an eligible rollover distribution that is equal to at least two hundred dollars ($200) paid directly to an eligible retirement plan specified by the distributee in a direct rollover. b. For purposes of this subdivision, the following definitions shall apply: 1.(i) An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made...
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19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term includes: (i) any arrangement providing for the payment to the employer or other sponsor of such plan of benefits that otherwise would be due the participant under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable, whereby any person acquires from a participant or beneficiary of such plan a right or interest enforceable against the plan in, or to, all or any part of a plan benefit which is, or may become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the operation of any bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
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45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE. Except as otherwise provided herein, the provisions of this section shall apply for purposes of determining required minimum distributions for calendar years beginning on and after January 1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required under this section shall be determined and made in accordance with § 401(a)(9), Internal Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements of the plan, the requirements of this section shall take precedence over any inconsistent provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE. The member's entire interest shall be distributed, or begin to be distributed, to the member no later than the member's required beginning date. (2) DEATH OF MEMBER...
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45-37A-51.09
Section 45-37A-51.09 Compensation limits; forfeitures; required minimum. (a) Compensation in excess of one hundred sixty thousand dollars ($160,000), or such other amount provided in the Internal Revenue Code of 1986, as amended, shall be disregarded. Such amount shall be adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B), except that the dollar increase in effect on January 1 of any calendar year shall be effective for the fiscal years beginning with or within such calendar year. If compensation for any prior determination period is taken into account in determining a participant member's benefits for the current fiscal year, the compensation for such prior determination period is subject to the applicable annual compensation limit in effect for that prior period. (b) Notwithstanding the foregoing and to the extent applicable to governmental plans as such are defined in Section 414(d) of the Internal Revenue Code of 1986, as amended, in no event may...
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