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
11-40-17.3
Section 11-40-17.3 Retroactive Deferred Retirement Option Plan. (a) This section shall apply to Class 1 municipalities only. (b) There is established a Retroactive Deferred Retirement Option ("Back Drop") Plan for any retirement and relief system established pursuant to Act 1272, 1973 Regular Session (Acts 1973, p. 2124), as amended. A participant who retires at least 90 days following July 1, 2002, who has then completed at least 23 years of credited service, and who is otherwise entitled to retire and receive a normal retirement benefit, shall have the opportunity to elect a Back Drop plan. A participant eligible for the Back Drop plan can elect in writing at his or her retirement to retroactively drop his or her credited service in excess of 20 years, for a period of months not exceeding 36 months immediately preceding the date of retirement (the "Back Drop period"); provided that the beginning of the Back Drop period may not extend past the earliest date on which the participant...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-40-17.3.htm - 4K - Match Info - Similar pages
27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions. (a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery, in this state unless a copy of the form has been filed with the commissioner. (b) The certificate shall contain in substance the following standard provisions or, in lieu thereof, provisions which are more favorable to the member: (1) Title on the face and filing page of the certificate clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums, or other required contributions, by whatever name known, which are payable by the insured under the certificate; (3) A provision that the member is entitled to a grace period of not less than a full month, or 30 days at the option of the society, in which the payment of any premium after the first may be made. During such grace period the certificate shall continue in full force, but in case the certificate becomes a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-30.htm - 6K - Match Info - Similar pages
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
5-7A-63
Section 5-7A-63 Resulting bank as continuation of savings institution. Except insofar as the superintendent requires the converting savings institution to terminate certain activities and dispose of certain assets in order to meet the requirements applicable to state chartered banks, upon the conversion of any savings institution into a state chartered bank, the corporate existence of such savings institution shall not terminate, but such resulting bank shall be deemed to be a continuation of the savings institution so converted, and all property of the converted savings institution including its rights, titles and interests in and to all property of whatsoever kind, character or description, whether real, personal or mixed, and things in action and every right, privilege, interest and asset of any conceivable value or benefit, and all obligations, liabilities, charges, liens, encumbrances, judgments, and claims then existing or pertaining to it or which would inure to or against it,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-7A-63.htm - 2K - Match Info - Similar pages
10A-3-2.12
Section 10A-3-2.12 Board of directors; committees. If the governing documents of a nonprofit corporation so provide, the board of directors, by resolution adopted by a majority of the directors in office, may designate and appoint one or more committees each of which shall consist of two or more directors, which committees, to the extent provided in the resolution, or in the governing documents of the nonprofit corporation, shall have and exercise all the authority of the board of directors, except that no committee shall have the authority of the board of directors in reference to amending, altering, or repealing the bylaws; electing, appointing, or removing any member of any committee or any director or officer of the corporation; amending the certificate of formation, restating the certificate of formation, adopting a plan of merger or adopting a plan of consolidation with another nonprofit corporation or other entity authorizing the conversion of the nonprofit corporation into...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-3-2.12.htm - 2K - Match Info - Similar pages
40-17-371
Section 40-17-371 Cost of collection; distribution of tax proceeds. (a) The Alabama Department of Revenue shall retain one-quarter of one percent (0.25%) of the tax proceeds, less any refunds, from this additional excise tax on gasoline and diesel fuel for its cost of collection. The department may adopt rules and such forms as may be necessary for the administration of the excise tax provided for in this article. (b) Each month, prior to the remaining payments provided in this article, up to $750,000 of the tax proceeds from the additional excise tax on gasoline and up to $230,000 of the tax proceeds from the additional excise tax on diesel fuel shall be distributed first to the Alabama Highway Finance Corporation for the payment of the principal of and interest on bonds to be issued by it to finance improvements to the ship channel providing access to the facilities of the Alabama State Docks, to the extent necessary for such purpose. The amount distributed pursuant to this section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-17-371.htm - 9K - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.108.htm - 6K - Match Info - Similar pages
11-98-4.1
Section 11-98-4.1 Board created; composition; powers and duties. (a) There is created a statewide 911 Board comprised of 13 members that shall reflect the racial, gender, geographic, urban/rural, and economic diversity of the state. All appointing authorities shall coordinate their appointments so that diversity of gender, race, and geographical areas is reflective of the makeup of this state. The 911 Board shall be created effective July 1, 2012, and until the effective date of the statewide 911 charge pursuant to Section 11-98-5, with cooperation of the CMRS Board, shall plan for the implementation of the statewide 911 charge and the distribution of the revenues as provided herein. The reasonable administrative expenses incurred by the 911 Board prior to the implementation of the statewide 911 charge may be deducted from the existing CMRS Fund. Upon the effective date of the new statewide 911 charge, the 911 Board shall replace and supersede the CMRS Board formerly created pursuant...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-98-4.1.htm - 7K - Match Info - Similar pages
16-25-14
Section 16-25-14 Retirement of members; benefits generally. (a)(1) Any Tier I plan member who withdraws from service upon or after attainment of age 60 and any Tier II plan member who withdraws from service upon or after attainment of age 62, or in the case of a Tier II plan member who is a correctional officer, firefighter, or law enforcement officer as defined in Section 36-27-59, who withdraws from service upon or after attainment of age 56 with at least ten years of creditable service as a correctional officer, firefighter, or law enforcement officer may retire upon written application to the Board of Control setting forth at what time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof, he or she desires to be retired; provided, that any such member who became a member on or after October 1, 1963, shall have completed 10 or more years of creditable service. (2) Any Tier I plan member who has attained age 60 and any Tier II plan member who...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-14.htm - 23K - Match Info - Similar pages
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