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9-18A-1
Section 9-18A-1 Enactment of Southern States Energy Compact. The Legislature hereby enacts,
and the State of Alabama hereby enters into, the Southern States Energy Compact with any and
all states legally joining therein in accordance with its terms, in the form substantially
as follows: "SOUTHERN STATES ENERGY COMPACT "Article I. Policy and Purpose. "The
party states recognize that the proper employment and conservation of energy and employment
of energy-related facilities, materials, and products, within the context of a responsible
regard for the environment, can assist substantially in the industrialization of the south
and the development of a balanced economy for the region. They also recognize that optimum
benefit from an acquisition of energy resources and facilities require systematic encouragement,
guidance and assistance from the party states on a cooperative basis. It is the policy of
the party states to undertake such cooperation on a continuing basis; it is the purpose of...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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27-36A-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a) This section
shall apply to all annuity and pure endowment contracts other than group annuity and pure
endowment contracts purchased under a retirement plan or plan of deferred compensation, established
or maintained by an employer, including a partnership or sole proprietorship, or by an employee
organization, or by both, other than a plan providing individual retirement accounts or individual
retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended.
(b) Reserves according to the commissioner's annuity reserves method for benefits under annuity
or pure endowment contracts, excluding any disability and accidental death benefits in the
contracts, shall be the greatest of the respective excesses of the present values, at the
date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits,
provided for by the contracts at the end of...
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45-37-123.53
Section 45-37-123.53 Conversion of unpaid membership time to paid membership time. (a) Commission-authorized
conversions. The commission, from time to time, may authorize members of the system to convert
unpaid membership time to paid membership time if it determines that such conversion is in
the public interest. Unpaid membership time may be converted to paid membership time only
when specifically authorized by the commission, and as set forth below: (b) Pension board
authorized conversions. The pension board, from time to time, may authorize members of the
system to convert unpaid membership time to paid membership time if it determines that the
conversion is in the best interest of the system. The conversion shall be conducted as set
forth below. (1) ACTUARIAL STUDY AND CALCULATIONS. Before an opportunity to convert unpaid
membership time to paid membership time shall be made available to any members, the pension
board shall cause and the county shall pay for an actuarial...
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45-37-123.103
Section 45-37-123.103 Death benefits. (a) Preretirement death benefits. A vested member's beneficiary
is entitled to a preretirement joint survivorship pension, as described below. (1) MARRIED
MEMBER. If a married, active member dies, then the beneficiary may elect, on a form provided
by the pension board, to be paid in one of the following forms: a. One Hundred Percent Preretirement
Joint Survivorship Pension. If such member was eligible for a deferred retirement benefit
at the time of the member's death, then the beneficiary may elect to be paid in the form of
a 100 percent preretirement joint survivorship pension, which is a monthly annuity paid during
the beneficiary's lifetime which is equal to the actuarial equivalent of the benefits that
would have been paid to the member if, instead of dying, the member had terminated employment;
or b. Refund. The beneficiary may elect a refund of the member's employee contributions in
accordance with Section 45-37-123.104(4)b. (2) UNMARRIED...
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27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except
as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to
the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
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45-37A-51.136
Section 45-37A-51.136 Powers and duties of the board. The board shall have such powers as are
necessary for the proper administration of the system including, but not limited to, the following:
(1) To prescribe procedures to be followed by participants, and their beneficiaries, in filing
applications for benefits and for the furnishing of evidence necessary to establish employees'
rights to such benefits. (2) To make determinations as to the rights of any participant or
their beneficiaries applying for or receiving benefits, and to afford any such individual
dissatisfied with any such determination the right of a hearing thereon. (3) To develop procedures
for the establishment of credited service of participants; and, after affording participants
an opportunity to make objection with respect thereto, to establish such service conclusively
in advance of retirement. (4) To retain and pay from the fund the services of a consultant
and actuary. (5) To receive and pay from the fund...
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45-49A-61
Section 45-49A-61 Supplemental retirement benefits. (a) This section shall apply in all cities
in this state which have a population of not less than 175,000 nor more than 275,000 according
to the last or any subsequent federal decennial census. (b)(1) All employees of any such city
(except members of the police or fire departments thereof) who have heretofore been covered
by the benefits established by the provisions of Acts 1951, No. 773, Regular Session 1951
(Acts 1951, p. 1342), as amended, and who by action of the city commission or like governing
body of such city become eligible to participate in the state employees pension plan, shall
be entitled to receive the following benefits from the city, to be calculated as of the effective
date of becoming eligible to participate in the state employees pension plan: a. Any employee
eligible for retirement, upon retiring or otherwise leaving the employ of such city and becoming
eligible to receive retirement benefits under Act 773, shall...
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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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45-37A-51.138
Section 45-37A-51.138 Legislative reports. (a) In addition to periodic actuarial valuations
of the fund which the board may from time to time require, the board, upon request, shall
transmit to each member of the Alabama House of Representatives representing the county or
any part thereof, and to each member of the Alabama Senate from every senatorial district
within the county, or partly within the county, an actuarial analysis of the system as of
the end of the city's fiscal year immediately preceding the report specifically answering
the following questions: (1) Are the contributions to the fund sufficient to pay the benefits
provided herein? If not, what additional contributions are necessary? (2) Are the benefits
provided herein sufficient in amount to consume the contributions required herein, or are
they as large as to render the fund insolvent; and in the event of the finding of either contingency,
what adjustments should be made? (3) What provision should be made either in...
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