45-28A-42.55
Section 45-28A-42.55 Composition of retirement fund; investment. (a) The policemen's and firemen's retirement fund shall consist of the following: (1) All of the money, securities, and things of value belonging to any similar fund that may now or hereafter be maintained in the City of Gadsden. (2) All monies or properties that may be given or donated to the fund by any persons, firm, association, or corporation for the uses and purposes for which the fund is created; and the board may take, by gift, grant, devise, or bequest, any money, personal property, real estate, or any interest therein, or any right of property, for the benefit of the fund. (3) All reward money paid to any member of the police and fire departments of the city shall be paid by the recipients of the same into the retirement fund promptly upon receipt of the same. (4) All civil or criminal witness fees received by any member of the police and fire departments for attendance at or before any court or grand jury in...
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45-8A-22.113
Section 45-8A-22.113 Retirement eligibility and benefit. (a) Participants Hired Before May 29, 1979. Subject to Section 45-8A-22.114, any person who was hired by the City of Anniston as a sworn police officer or sworn firefighter before May 29, 1979, and who has been in continuous service as a participant for a period of 20 years shall have a non-forfeitable right to a benefit and shall be entitled to retire and receive a monthly benefit from the plan in an amount equal to three percent of the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by the number of years of continuous service; provided, however, credit shall not be counted for continuous service in excess of 30 years. (b) Participants Hired On and After May 29, 1979. Any participant who was hired by the City of Anniston as a sworn police officer or sworn firefighter on or after May 29, 1979, shall have a non-forfeitable right to a benefit to the extent described in...
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45-8A-22.116
Section 45-8A-22.116 Disability benefits. (a) Line of Duty Disability Benefit. (1) Effective for Disabilities Occurring Before October 1, 2012. a. Participants Hired Before July 1, 2002. A participant, who was hired by the City of Anniston as a sworn police officer or sworn firefighter before July 1, 2002, who becomes permanently physically or mentally disabled as a result of injuries received in the line of duty, rendering his or her retirement from service necessary, shall be entitled to receive a disability benefit equal to the following: 1. Participants With At Least Three Years of Service. The participant's disability benefit shall equal three percent times the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by 30. 2. Participants With Less Than Three Years of Service. The participant's disability benefit shall equal three percent times the average of his or her monthly compensation for all years of continuous service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.116.htm - 9K - Match Info - Similar pages
10A-10-1.15
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words shall have the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A real estate investment trust organized in compliance with the provisions of this chapter. (2) BUSINESS TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated trust or association, including an Alabama real estate investment trust, a common-law trust, or a Massachusetts trust, which is engaged in business and in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become a holder of a transferable unit of beneficial interest in the trust. (3) DOMESTIC LIMITED LIABILITY COMPANY. A limited liability company as defined under the Alabama Limited Liability Company Law. (4) DOMESTIC LIMITED PARTNERSHIP. A limited partnership as defined under the Alabama Limited Partnership Law. (5) FOREIGN BUSINESS TRUST. A...
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12-17-227.6
Section 12-17-227.6 (Effective November 8, 2016, subject to contingencies) Payments from plan; optional allowances; replacement beneficiaries. (a) Should a member cease to be a district attorney except by death or by retirement under the provisions of this division, 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-17-227.6.htm - 5K - Match Info - Similar pages
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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16-25-20
Section 16-25-20 Management of funds. (a) (1) The Board of Control shall be the trustees of the several funds of the Teachers' Retirement System created by this chapter as provided in Section 16-25-21, and shall have full power to invest and reinvest the funds, through its Secretary-Treasurer, in the classes of bonds, mortgages, common and preferred stocks, shares of investment companies or mutual funds, or other investments as the Board of Control may approve, with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with the matters would use in the conduct of an enterprise of a like character and with like aims; and, subject to like terms, conditions, limitations, and restrictions, the Board of Control, through its Secretary-Treasurer, shall have full power to hold, purchase, sell, assign, transfer, and dispose of any investments in which the funds created herein shall have been invested, as well...
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16-25-33
Section 16-25-33 Term Life Insurance Fund; payment of benefits; funding. (a) A separate fund to be known as the Term Life Insurance Fund is hereby established within the Teachers' Retirement System of Alabama. Such fund shall consist of all monies paid by the employers for term life insurance, and of the investment earnings of such monies and all such funds shall be used only for the payment of benefits provided by this section. (b) Commencing October 1, 1995, upon proof satisfactory to the board of the death of a contributing member who is a full-time employee there shall be paid in the form of a term life insurance benefit the sum of $15,000. On account of the death of a part-time employee, the benefit provided herein shall be prorated based on the employee's percent of full-time employment. This benefit shall be paid to the designated beneficiary on file with the Teachers' Retirement System. For purposes of this section, a person shall be deemed a contributing member if (1) he or...
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45-37A-51.226
Section 45-37A-51.226 Extraordinary disability allowance. (a) Extraordinary disability allowance for participants joining the system prior to January 1, 1989. (1) In the event a participant who joins the system prior to January 1, 1989, shall become totally disabled to perform his or her customary duties by reason of personal injury received as a result of an accident arising out of and in the course of his or her employment in the service and occurring at a definite time and place, then in the event such total disability shall continue until the participant ceases to draw salary as an employee of the city, such disabled participant shall be entitled to a monthly allowance from the fund equal to 70 percent of his or her monthly salary at the time of the accident which resulted in such total disability, subject to the offset for any workers' compensation benefit or other such disability benefit payable by the city as set forth hereafter. (2) Benefits payable hereunder shall commence...
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31-10-21.1
Section 31-10-21.1 Qualifications for tuition reimbursement applicants; priority of state educational benefits; tuition rates; applicability of section; repayment of benefits. THIS SECTION WAS RENUMBERED BY ACT 2018-406, THE CODIFICATION ACT, IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. IT IS NOW SECTION 31-10-4.1. (a) Beginning October 1, 2016, any member of the Alabama National Guard enrolled in a program leading to a certificate, or an associate or bachelor's degree at an accredited public institution of higher education, technical college, or community college within the State of Alabama may apply for a tuition reimbursement benefit as provided for in this section if the applicant under this chapter meets the following requirements: (1) The individual is 17 years of age or over. (2) The individual is a member of the Alabama National Guard in good standing throughout the period or semester for which that individual receives...
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