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.)...
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45-37-123.190
Section 45-37-123.190 Merger, consolidation, or transfer of assets. (a) This plan may
be merged or consolidated with any other qualified plan or its assets or liabilities transferred
to any other qualified plan as determined by the Legislature or the county. (b) A member,
with the approval of the pension board, may elect to transfer, in cash, amounts from his or
her account under a § 457(b), Internal Revenue Code, plan in accordance with such rules and
regulations as the pension board may establish from time to time. Unless otherwise determined
by the pension board, any such amounts transferred from a § 457(b), Internal Revenue Code
plan shall be treated as employee contributions for purposes of the plan. (Act 2013-415, p.
1586, §2:9.1.)...
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45-37-123.52
Section 45-37-123.52 Termination of eligibility. In the event a member subsequently
elects to participate in another pension system, such member shall no longer participate in
the plan, but shall continue to vest in the plan while a noneligible employee, until such
time as the member's benefit shall be forfeited or distributed pursuant to the terms of the
plan. (Act 2013-415, p. 1586, §2:3.3.)...
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45-37-123.195
Section 45-37-123.195 Receipt and release for payments. Any payment to any member, the
member's legal representative, beneficiary, or to any guardian or committee appointed for
such member or beneficiary in accordance with the plan, to the extent thereof, shall be in
full satisfaction of all claims hereunder against the trustee, the county, and the pension
board each of whom may require such member, legal representative, beneficiary, guardian, or
committee, as a condition precedent to such payment, to execute a receipt and release thereof
or an indemnification agreement or both in such form as shall be determined by the pension
board. (Act 2013-415, p. 1586, §2:9.6; Act 2019-243, §1.)...
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45-37-123.23
Section 45-37-123.23 Records and reports. (a) Records. The pension board shall keep
a record of all of its proceedings, which shall be open to public inspection. Additionally,
the pension board shall keep all other books of account, records, policies, compensation records,
service records, and other data that may be necessary for proper administration of the plan
and shall be responsible for supplying all information and reports to the Internal Revenue
Service, members, beneficiaries, and others as may be required by law. (b) Correction of records.
(1) The pension board shall correct any error in a member's service record which the pension
board concludes is necessary to correct or remove an injustice or prevent a member from receiving
less or more than such member is entitled to receive under the plan. The pension board shall
adopt written rules prescribing the procedure the pension board shall follow in considering
whether an error in an employee's service record should be corrected....
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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, §2:4.2.)...
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45-8A-22.120
Section 45-8A-22.120 Optional benefit plans. (a) Optional Plans. Any participant terminating
service on or after January 1, 1989, pursuant to the terms of Section 45-8A-22.113,
Section 45-8A-22.114, or Section 45-8A-22.116 shall, within 20 days of the effective
date of termination have the option of electing a pension plan with or without death benefits
from one of the following three optional plans: (1) Option A-Fifty Percent Joint and Survivor
Plan. a. A participant having elected Option A shall, during his or her lifetime, receive
a monthly benefit from the plan in accordance with Section 45-8A-22.113, Section
45-8A-22.114, or Section 45-8A-22.116. b. In the event that a participant dies from
any cause and leaves a surviving spouse, the retirement board shall direct the payment to
the spouse of a monthly pension equal to 50 percent of the amount of the pension being paid
to the participant at the time of his or her death; provided, however, with respect to retirements
pursuant to...
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45-37-123.132
Section 45-37-123.132 Adjustments to annual benefit and limitations. (a) Adjustment
if fewer than 10 years. Effective for limitation years ending after December 31, 2001, if
a member has fewer than 10 years of participation in the plan, then the defined benefit dollar
limitation of Section 45-37-123.131(a) shall be multiplied by a fraction, the numerator
of which is the number of years, or part thereof, of participation in the plan, and the denominator
of which is 10. However, in no event shall such fraction be less than one-tenth. Notwithstanding
the foregoing, no adjustment shall be made to the defined benefit dollar limitation for a
distribution on account of a member becoming disabled by reason of personal injuries or sickness,
or as a result of the death of a member. For purposes of this subsection, a year of participation
means each accrual computation period for which the following conditions are met: The member
is credited with a period of service for benefit accrual purposes,...
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45-37A-51.132
Section 45-37A-51.132 Meetings of the board of managers. The board of managers shall
meet on the third Wednesday in each calendar month in the office of the chair or such other
place as the board may designate. The board shall not be required to meet unless there is
pending before the board an application for a pension, relief, or benefit; or unless there
is pending some other matter of consideration by the board. The board of managers by virtue
of a resolution adopted by it may change the regular meeting from Wednesday to such other
date as may be most convenient to the board. (Act 2006-339, p. 851, Art. III, §3.)...
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16-25-11.11
Section 16-25-11.11 Purchase of credit for prior service with Alabama State Council
on the Arts. (a) Any active and contributing member of the Teachers' Retirement System may
purchase credit in the Teachers' Retirement System for prior service with the Alabama State
Council on the Arts if the member has not received credit in the system for the same prior
service and has not vested or otherwise become eligible to receive a retirement benefit by
using the same prior service credit in another pension plan offered by the council. (b) A
member of the Teachers' Retirement System who is eligible to purchase any prior service credit
under subsection (a) shall receive the credit if he or she pays into the system on or before
his or her date of retirement, an amount equal to the full actuarially determined cost for
each year of prior service purchased as determined by the system's actuary. Prior service
may be purchased only in yearly increments of at least two years at a time. (Acts 1995, No....

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