45-37-123.134
Section 45-37-123.134 Purchase of permissive service credit. (a) In general. If a member makes one or more contributions to the plan to purchase permissive service credit under the plan, the requirements of § 415, Internal Revenue Code, shall be treated as met with respect to these contributions if: (1) The requirements of § 415(b), Internal Revenue Code, are met, determined by treating the accrued benefit derived from all such contributions as an annual benefit for purposes of § 415(b), Internal Revenue Code, provided, however, the plan shall not fail to meet the reduced limit under § 415(b)(2)(C), Internal Revenue Code, solely by reason of this section; or (2) The requirements of § 415(c), Internal Revenue Code, are met, determined by treating all such contributions as annual additions for purposes of § 415(c), Internal Revenue Code, provided, however, the plan shall not fail to meet the percentage limitation under § 415(c)(1)(B), Internal Revenue Code, solely by reason of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.134.htm - 5K - 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
45-8A-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
36-27-1
Section 36-27-1 Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) RETIREMENT SYSTEM. The Employees' Retirement System of Alabama as defined in Section 36-27-2. (2) EMPLOYEE. Any regular employee of the State of Alabama whose salary is paid by state warrant by the state, except a member of the Legislature of the state, a person who is covered or eligible to be covered under the Teachers' Retirement System of Alabama or any other retirement system to which contributions are made by the state, an elective official of the state government, and a temporary employee or person engaged under retainer or special agreement. In all cases of doubt the Board of Control shall determine who is an employee within the meaning of this article. The term shall include any regular employee of the Alabama state hospitals and Partlow State School and Hospital and the Alabama State Port Authority,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-1.htm - 8K - Match Info - Similar pages
45-37A-51.248
Section 45-37A-51.248 Direct rollovers. (a) Notwithstanding any provision of this subpart to the contrary that would otherwise limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution that is equal to at least five hundred dollars ($500) paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (b) For purposes of this section the following definitions shall apply: (1) ELIGIBLE ROLLOVER DISTRIBUTION. 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 for the life, or life expectancy, of the distributee or the joint lives, or joint life expectancies, of the distributee and the distributee's designated...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.248.htm - 3K - Match Info - Similar pages
16-25-1
Section 16-25-1 Definitions. For the purposes of this chapter the following terms, unless a different meaning is plainly required by the context, shall have the following respective meanings: (1) RETIREMENT SYSTEM. The Teachers' Retirement System of Alabama as defined in Section 16-25-2. (2) PUBLIC SCHOOL. Any day school conducted within the state under the authority and supervision of a duly elected or appointed county or city board of education and any educational institution supported by and under the control of the state or any private nondenominational school operated nonprofit for the education of children of school age residing within a district where no public school is available for the children. (3) TEACHER. Any teacher, principal, superintendent, supervisor, college professor, administrative officer, or clerk employed in any public school or public college within the state or employed in any private nondenominational school operated nonprofit for the education of children of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-1.htm - 8K - Match Info - Similar pages
38-9B-5
Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT 2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation. The board of trustees shall execute all documents necessary to establish and administer the AFT Corporation including, but not limited to, documents to form a not-for-profit corporation and to qualify as an organization pursuant to Section 501(c)(3) of the United States Internal Revenue Code. (b) The AFT Corporation shall establish the AFT Trust and the AFT Charitable Trust, and the board of trustees shall administer the AFT Trust and the AFT Charitable Trust through the AFT Corporation. The board of trustees and the AFT Corporation shall take all steps necessary to satisfy all federal and state laws, and all regulations, rules, and policies established by the federal Social Security Administration to ensure...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-9B-5.htm - 10K - Match Info - Similar pages
40-18-15
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed for any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267 or for any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise, there shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, as determined in accordance with 26 U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness, limited to the amount allowable as an interest deduction for federal income tax purposes in the corresponding tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264, and 265. (3) The following taxes paid or accrued within the taxable year: a. Income taxes, Federal Insurance Contribution Act taxes, taxes on self-employment income and estate and gift taxes imposed by authority of the United States or any possession of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.htm - 18K - Match Info - Similar pages
40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement allowances, pensions and annuities or optional allowances, approved by the Board of Control of the Employees' Retirement System of Alabama, which exempt status is set out in Section 36-27-28. (3) The first eight thousand dollars ($8,000) of any retirement compensation, retirement allowances, pensions and annuities, or optional allowances, received by any eligible firefighter, as defined in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any firefighting agency established in the State of Alabama, but only if such retirement compensation, retirement allowances, pensions and annuities, or optional...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-19.htm - 9K - Match Info - Similar pages
45-37A-51.120
Section 45-37A-51.120 Definitions. (a) The following words, terms, and phrases, wherever used in this subpart, including this section, shall have the meanings respectively ascribed to them in this section, unless the context plainly indicates otherwise or that a more restricted or extended meaning is intended: (1) ANNIVERSARY DATE. The date of establishment and the month and day thereof annually thereafter. (2) APPOINTED EMPLOYEE. A person who holds his or her office or position by reason of being appointed by the mayor or city council or other appointing authority of the city; who is not a classified service employee; and who serves solely at the pleasure of the respective appointing authority. (3) BASIC MONTHLY EARNINGS and MONTHLY SALARY. Basic monthly compensation, exclusive of overtime or other forms of extra compensation but including longevity pay, which shall be regarded as having been received in equal monthly installments during each of the months prior to the accrual date...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.120.htm - 13K - Match Info - Similar pages
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