45-37A-51.284
Section 45-37A-51.284 Actuarial assumptions. (a) Effective date. Except as provided by the Pension Benefit Guaranty Corporation (PBGC) and the Internal Revenue Service, the limitations of this section shall first apply in determining the amount payable to a participant having an annuity starting date in a fiscal year beginning on or after January 1, 2008. (b) Applicable interest rate. For purposes of the fund's provisions relating to the calculation of the present value of a benefit payment that is subject to § 417(e), Internal Revenue Code, as well as any other fund provision referring directly or indirectly to the applicable interest rate or applicable mortality table used for purposes of § 417(e), Internal Revenue Code, any provision prescribing the use of the annual rate of interest on 30-year United States Treasury securities shall be implemented by instead using the rate of interest determined by applicable interest rate described by § 417(e), Internal Revenue Code, after its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.284.htm - 3K - Match Info - Similar pages
16-25A-8
Section 16-25A-8 Funding of health insurance plan; participation; Public Education Employees' Health Insurance Fund. (a) The Public Education Employees' Health Insurance Board is hereby authorized to provide under the contract or contracts entered into under the provisions of this article an insurance benefit plan for each covered employee and, under certain conditions, retired employees; the cost of such plan may be funded in part or in full through monthly premiums per active employee from the same source of funds as those used for the payment of salaries of active members and in part from other funds. (b) On or before January 1 next preceding each regular meeting of the Legislature, the board shall certify to the Governor and to the Legislature the amount or amounts necessary to fund coverage for benefits authorized by this article for the following fiscal year for employees and for retired employees as a monthly premium per active member per month. The Legislature shall set the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25A-8.htm - 6K - Match Info - Similar pages
45-49A-63.60
Section 45-49A-63.60 Retirement. (a) Except as provided in Section 45-49A-63.66, a member who first became a uniformed officer prior to March 28, 1990, and who terminates his or her employment as a uniformed officer on or after he or she has 20 years of service, the last 10 years of service being without a break in service exceeding one year, shall have a nonforfeitable right to receive an annual benefit beginning on the first day following the later of his or her termination of employment as a uniformed officer or his or her 50th birthday. His or her annual benefit shall be equal to two and one-half percent of his or her final average salary multiplied by his or her years of service, but shall not be less than 50 percent, nor more than 75 percent, of his or her final average salary. (b) Except as provided in Section 45-49A-63.66, a member who first became a uniformed officer on or after March 28, 1990, and who terminates his or her employment as a uniformed officer on or after he or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-63.60.htm - 2K - Match Info - Similar pages
12-18-87
Section 12-18-87 Benefits. (a) Judges' retirement benefits. - The annual retirement benefit payable to a probate judge retiring pursuant to subdivisions (2), (3), (4), and (5) of Section 12-18-84 shall be 75 percent of the base sum or salary upon which such judge is paying the percentage as provided in subsection (a) or subsection (b) of Section 12-18-82 immediately prior to retirement. Such retirement benefit shall be payable monthly from the State Treasury for the life of the beneficiary. (b) Spouses' benefits. - After the death of any probate judge who has held office for a minimum of five years, his or her spouse shall receive a yearly benefit from the State Treasury equivalent to the greater of $480.00 per year, multiplied by the number of years of service, not to exceed 10 years, or three percent of the base sum or salary upon which such probate judge was paying the percentage as provided in subsection (a) or subsection (b) of Section 12-18-82 immediately prior to retirement,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-87.htm - 2K - Match Info - Similar pages
16-24C-4
Section 16-24C-4 Tenure of teachers; nonprobationary status of classified employees. No action may be proposed or approved based upon personal or political reasons on the part of the employer, chief executive officer, or governing board. A teacher shall attain tenure, and a classified employee shall attain nonprobationary status as follows: (1) Except as otherwise provided by Section 16-23-3, a teacher who is not an employee of a two-year educational institution operated under the authority and control of the Department of Postsecondary Education, shall attain tenure upon the completion of three complete, consecutive school years of full-time employment as a teacher with the same employer unless the governing board approves and issues written notice of termination to the teacher on or before the last day of the teacher's third consecutive, complete school year of employment. For purposes of this chapter, a probationary teacher whose employment or reemployment is effective prior to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-24C-4.htm - 5K - Match Info - Similar pages
40-18-155
Section 40-18-155 Alabama Firefighters Annuity and Benefit Fund. (a) Each Alabama state individual income tax return form for the 2010 tax year and each year thereafter shall contain a designation as follows: "Alabama Firefighters Annuity and Benefit Fund. "Check ( ) if you wish to designate $2 or more of your state income tax refund. "If joint return, check ( ) if spouse wishes to designate $2 or more." (b) Each individual taxpayer required to file a state income tax return desiring to contribute to the Alabama Firefighters Annuity and Benefit Fund, may designate, by placing an "X" in the appropriate box on the state income tax form, that such contribution shall be credited to the foundation. (c) The Department of Revenue shall determine annually the total amount designated pursuant to subsection (b) for the fund and shall deposit such amount, less costs of administration not to exceed three percent of revenue produced, to the fund. (d) The commissioner of the department is authorized...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-155.htm - 1K - Match Info - Similar pages
45-49A-63.172
Section 45-49A-63.172 Limitation concerning highly compensated employees or highly compensated former employees. (a) This section shall apply (i) in the event the plan is terminated, to any member who is a highly compensated employee of the city and (ii) in any other event, to any member who is one of the 25 highly compensated employees of the city with the greatest compensation in any plan year. The amount of the annual payments to any one of the members to whom this section applies shall not be greater than an amount equal to the annual payments that would be made on behalf of the member during the year under a single life annuity that is of equivalent actuarial value to the member's benefit. (b) If, (i) after payment of the benefit to any one of the members to whom this section applies, the value of plan assets equals or exceeds 110 percent of the value of current liabilities, as that term is defined in Section 412(1)(7) of the code, of the plan, (ii) the value of the benefit of any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-63.172.htm - 2K - Match Info - Similar pages
45-8A-22.115
Section 45-8A-22.115 Compensation for purposes of benefit calculations. (a) Compensation. For purposes of calculating contributions to the plan in accordance with Section 45-8A-22.109 and benefits paid under the plan in accordance with Section 45-8A-22.113, Section 45-8A-22.116, and Section 45-8A-22.119, "compensation" shall include all of the following amounts: (1) Regular salary, including accumulated vacation pay. (2) Overtime pay. (3) Longevity pay. (4) Comp pay. (5) Any differential wage payment, as defined in Code Section 3401(h)(2), generally relating to military pay. Bonuses and paid accumulated sick leave, expense allowances, and any other non-regular forms of compensation are excluded. (b) Compliance with Internal Revenue Code Section 401(a)(17). Compensation of each participant taken into account in determining benefit accruals in any plan year beginning after December 31, 2001, shall not exceed two hundred thousand dollars ($200,000), or such other amount provided in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.115.htm - 1K - Match Info - Similar pages
16-25-11.15
Section 16-25-11.15 Purchase of credit for prior service with eligible employer under Employees' Retirement System. (a)(1) Any person who, as of July 1, 1990, is an officer or a regular employee of an employer participating in the Teachers' Retirement System and who has previously been employed by another employer eligible for participation in the Employees' Retirement System pursuant to Section 36-27-6, shall be eligible to receive creditable service for each year of service previously rendered to another employer eligible for participation in the Employees' Retirement System pursuant to Section 36-27-6, for up to eight years of creditable service, provided, that the member claiming the credit shall have attained not less than 10 years of contributing membership service credit, exclusive of military service credit under the Teachers' Retirement System, and the member performs and complies with the condition prescribed in subdivision (2). (2) A member of the Teachers' Retirement System...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-11.15.htm - 2K - Match Info - Similar pages
36-21-189
Section 36-21-189 Retirement annuity. (a) Any member, at any time after reaching the age of 62 and completion of at least 25 years' qualified service, shall be entitled to an annuity benefit. (b) The amount of the monthly benefit shall be determined by the board in an amount recommended by the actuary for the fund. The benefit shall begin upon approval by the board on the date of the member's application for the benefits on forms provided by the board, but in no event shall the benefit begin prior to his or her termination of service as a firefighter. The benefits shall be paid for the life of the member, except as otherwise provided in this section. (c) Any application made pursuant to this section shall contain evidence satisfactory to the board of the date of birth of the member. If any member receiving retirement benefits reenters employment as a firefighter, the payment of retirement benefits shall be terminated as long as he or she is so employed. Upon termination of his or her...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-21-189.htm - 2K - Match Info - Similar pages
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