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
27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity contracts issued by election under this section until June 30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This section shall not apply to any reinsurance group annuity 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, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
22-18-50
Section 22-18-50 Enactment and text of Emergency Medical Services Personnel Licensure Interstate Compact. The Emergency Medical Services Personnel Licensure Interstate Compact is hereby enacted into law and entered into with all other jurisdictions legally joining therein in form substantially as follows: SECTION 1. PURPOSE In order to protect the public through verification of competency and ensure accountability for patient care related activities all states license emergency medical services (EMS) personnel, such as emergency medical technicians (EMTs), advanced EMTs and paramedics. This Compact is intended to facilitate the day to day movement of EMS personnel across state boundaries in the performance of their EMS duties as assigned by an appropriate authority and authorize state EMS offices to afford immediate legal recognition to EMS personnel licensed in a member state. This Compact recognizes that states have a vested interest in protecting the public's health and safety...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-18-50.htm - 41K - Match Info - Similar pages
45-37A-51.131
Section 45-37A-51.131 Method of selection and terms of appointment of board members. (a) The members of the board of managers, other than the mayor who shall always serve as chair, shall be selected and shall serve for the term as hereafter set forth. (1) The mayor of the city shall always serve as the chair of the system. (2) The member appointed by the personnel board shall have a minimum of seven years' experience in an executive capacity in accounting, insurance, actuarial, investment, or banking work, and shall be a qualified voter and shall serve a four-year term. Should the appointed member die, resign, or otherwise be unable to serve, the vacancy thus created shall be filled by the personnel board for the unexpired portion of the term. (3) The first of the two members elected by a majority of the votes cast by the general employees participants in the system shall be a participant in the system and shall be a qualified voter. In order to assure representation of all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.131.htm - 6K - Match Info - Similar pages
45-37A-51.226
Section 45-37A-51.226 Extraordinary disability allowance. (a) Extraordinary disability allowance for participants joining the system prior to January 1, 1989. (1) In the event a participant who joins the system prior to January 1, 1989, shall become totally disabled to perform his or her customary duties by reason of personal injury received as a result of an accident arising out of and in the course of his or her employment in the service and occurring at a definite time and place, then in the event such total disability shall continue until the participant ceases to draw salary as an employee of the city, such disabled participant shall be entitled to a monthly allowance from the fund equal to 70 percent of his or her monthly salary at the time of the accident which resulted in such total disability, subject to the offset for any workers' compensation benefit or other such disability benefit payable by the city as set forth hereafter. (2) Benefits payable hereunder shall commence...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.226.htm - 11K - Match Info - Similar pages
36-27-171
Section 36-27-171 Withdrawal from service; death of participant. (a) On withdrawing from service pursuant to Section 36-27-16, a member who participated in DROP: (1) Who fulfilled his or her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her DROP account equal to the payments made to that account on his or her behalf plus interest. Further, the member shall receive his or her accumulated contribution made during participation in DROP, together with interest for the period of DROP participation as provided in subdivision (1) of subsection (c) of Section 36-27-16. In lieu of a lump-sum payment from the DROP account, to the extent eligible under applicable tax laws, the member's total accrued benefit may be "rolled over" directly to the custodian of an eligible retirement plan. The member shall also begin receiving his or her monthly benefit which had been paid directly into the DROP account during his or her participation in DROP. However, if...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-171.htm - 9K - 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
45-37A-51.222
Section 45-37A-51.222 Participants vesting. (a) (1) All participants who are participants before July 1, 2017, shall vest at five years of credited service. (2) Notwithstanding anything to the contrary contained in this section, all participants who first become participants on or after July 1, 2017, shall vest at 10 years of credited service. (b) All participants may purchase previous city, county, and city library time by paying the contribution plus interest as provided herein. (c) Participants of the city and other participating entities, except the board of health, upon termination of the employment after five years of actual service to the city or other employing participating entity, shall have the option to leave in the system fund all contributions made by the terminated employee and receive a monthly retirement benefit beginning at age 60 years in an amount equal to a multiplier in the applicable percentage effective on the date of retirement as set forth in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.222.htm - 4K - Match Info - Similar pages
45-8A-22.112
Section 45-8A-22.112 Credit for military service. (a) Qualified Military Service. The plan will grant continuous service in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA"), 38 U.S.C. Sections 4301 through 4333, for a participant who is an employee immediately prior to the commencement of qualified military service, as defined in Code Section 414(u)(5), provided such participant: (1) Provides the City of Anniston with advance written notice of the qualified military service. (2) Has accumulated five years or less of qualified military service while employed with the City of Anniston. (3) Returns to work or applies for reemployment within the applicable time period specified in subsections (b)(1) through (4). (4) Has not been separated from the qualified military service with a disqualifying discharge or under other than honorable conditions. (b) Time frame for Reemployment. Under USERRA, the time period in which a participant must return...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.112.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.103.htm - 10K - Match Info - Similar pages
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