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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.190.htm - 1K - 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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.09.htm - 9K - 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
45-8A-22.124
Section 45-8A-22.124 Eligible rollover distribution; direct rollover. (a) Rollovers Generally. (1) Notwithstanding any provision of the plan 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 retirement board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (2) Definitions. a. Eligible Rollover Distribution. 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: 1. 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/1975/45-8A-22.124.htm - 6K - Match Info - Similar pages
45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms shall have the following meanings: (1) ACT. The act adding this part, to be called the General Retirement System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual who currently is employed by the county or other entities set forth in subdivision (20) and is making employee contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30, 1984, or such other dates as set forth in Exhibit A, which is maintained in the office of the pension board, a form of benefit differing in time, period, or manner of payment from a specific benefit provided under the plan but having the same value when computed using the mortality tables, the interest rate, and any other assumptions last adopted by the pension board, which assumptions shall clearly preclude any discretion in the determination of the amount of a member's benefit. (4) ACTUARIAL GAIN. As defined in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.01.htm - 27K - 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
36-27-24
Section 36-27-24 Funds for assets of retirement system - Creation; composition; disposition of funds; appropriations. (a) Effective October 1, 1997, all the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, namely, the Annuity Savings Fund, the Pension Accumulation Fund, and the Expense Fund. The operation of the former Pension Reserve Fund and the Annuity Reserve Fund shall be discontinued as of such date and the balance of the former Pension Reserve Fund shall be transferred to the Pension Accumulation Fund, and the balance of the former Annuity Reserve Fund shall be transferred to the Pension Accumulation Fund. (b) Annuity Savings Fund. The Annuity Savings Fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the Annuity Savings Fund shall be made as follows: Effective October 1, 1971, each employer shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-24.htm - 15K - Match Info - Similar pages
45-37A-51.250
Section 45-37A-51.250 Pension Funding Equity Act of 2004. Solely for purposes of calculating DROP benefits and for converting lump sum amounts for compliance with § 415, Internal Revenue Code, if the system provides a benefit in a form that is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, in a fiscal year beginning in 2004 or 2005, the actuarially equivalent straight life annuity that is used for demonstrating compliance with § 415, Internal Revenue Code, shall be the greater of: (1) The straight life annuity determined using the plan rate and plan mortality table and (2) the straight life annuity determined using 5.5 percent and the applicable mortality table. A benefit is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, if it is any benefit other than a nondecreasing annuity payable for a period of not less than the life of the participant, or, in the case of a qualified preretirement survivor...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-508.htm - 6K - Match Info - Similar pages
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