45-37A-51.244
Section 45-37A-51.244 Early retirement benefit. Participants in the city and other participating employing entities, except the board of health, having attained age 55 or older and completed 25 or more years of credited service, shall be entitled, upon voluntary retirement, to a monthly retirement benefit equal to 1.85 percent of the monthly final average salary of the participant multiplied by the participant's years of credited service. Subject to Section 45-37A-51.237, the amount of any retirement benefit provided pursuant to this section shall continue to accrue throughout the life of the retiree. Survivors of participants retiring shall receive all survivors' benefits available to normal retirees who are eligible for benefits under Section 45-37A-51.220. (Act 2006-339, p. 851, Art. VI, ยง25.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.244.htm - 1K - 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
45-37A-51.241
Section 45-37A-51.241 Board of health retired employees. (a) Employees of the board of health, upon termination of such employment after 10 years of actual service to the board of health, shall have the option to leave in the system fund all contributions made by such terminated employee and receive a monthly retirement benefit beginning at age 60, in the amount equal to two percent of such employee's monthly final average salary multiplied by his or her years of credited service. The benefit shall continue throughout the life of the retiree. A survivor's benefit calculated as described in Section 45-37A-51.228 shall be provided to survivors or retirees under this provision if such retired employee has reached age 60 years, however the survivor's benefit rate shall be 60 percent of the retiree's benefit or as determined by the board of managers. In the event that a terminated employee dies, prior to receiving a benefit hereunder, or elects at any time to withdraw the contribution to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.241.htm - 2K - Match Info - Similar pages
45-37A-51.228
Section 45-37A-51.228 Survivor's benefits. (a) Effective July 1, 2002, in the event of the death of a retiree or participant who, on the date of his or her death was eligible for voluntary retirement under Section 45-37A-51.220, there may be payable a monthly survivor's benefit equal to 60 percent of the monthly retirement benefit which the retiree was receiving or was entitled to receive prior to his or her death or which the participant would have been entitled to receive had he or she retired under Section 45-37A-51.220 on the day preceding his or her death; notwithstanding anything to the contrary, the survivor's benefit may be increased pursuant to Section 45-37A-51.242. In the event any survivor is being paid an amount in excess of 60 percent of the retiree's monthly benefit on May 1, 2006, such survivor's benefits shall not be decreased. (b)(1) Effective July 1, 2002, upon the death of any retiree or participant who at the time of his or her death was not eligible for voluntary...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.228.htm - 9K - Match Info - Similar pages
45-37A-52.228
Section 45-37A-52.228 Survivor's benefits. (a) Effective July 1, 2002, in the event of the death of a retiree or participant who, on the date of his or her death was eligible for voluntary retirement under Section 45-37A-51.220, there may be payable a monthly survivor's benefit equal to 60 percent of the monthly retirement benefit which the retiree was receiving or was entitled to receive prior to his or her death or which the participant would have been entitled to receive had he or she retired under Section 45-37A-51.220 on the day preceding his or her death; notwithstanding anything to the contrary, the survivor's benefit may be increased pursuant to Section 45-37A-51.242. In the event any survivor is being paid an amount in excess of 60 percent of the retiree's monthly benefit on May 1, 2006, such survivor's benefits shall not be decreased. (b)(1) Effective July 1, 2002, upon the death of any retiree or participant who at the time of his or her death was not eligible for voluntary...
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45-37A-51.220
Section 45-37A-51.220 Normal retirement benefit. (a) A participant having attained age 60 or older and having completed five or more years of credited service, or having completed 30 or more years of credited service without regard to age, shall be entitled upon his or her voluntary retirement to a monthly retirement benefit equal to one of the following: (1) With respect to a retiree who first became a participant on or before the first day of July after nine years after date of establishment, forty percent of his or her final average salary, plus one and three thousand three hundred thirty-four thousandths percent (1.3334%) of his or her final average salary multiplied by his or her years of credited service in excess of 15 years. (2) With respect to a retiree who first becomes a participant subsequent to the first day of July nine years after date of establishment, and becomes entitled to a normal retirement benefit and retires on or before July 1, 1990, two percent of his or her...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.220.htm - 3K - Match Info - Similar pages
45-37A-51.224
Section 45-37A-51.224 Involuntary retirement. (a) In the event a participant shall be involuntarily retired after having completed 20 or more years of credited service prior to attaining the age of 60 years, such participant shall be entitled to a monthly retirement benefit equal to the product of the final average salary multiplied by the applicable percentage rate determined at the date of termination, multiplied by such participant's years of credited service. Should the participant be involuntarily retired prior to attaining age 60 his or her entitlement to the monthly retirement benefit, at this retirement date, shall additionally require that within 60 days of the involuntary retirement the agency governing tenure of service of city employees certify in writing to the board that such employee has not contributed by his or her own fault or misconduct to the separation from service. Should such certification not be made within the prescribed time, the monthly retirement benefit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.224.htm - 3K - Match Info - Similar pages
45-37A-51.232
Section 45-37A-51.232 Firefighters' and police officers' supplemental pension survivors pension. Effective as of July 1, 2002, in the event a firefighter or police officer retires under the supplemental pension system established by Subpart 1, after having accumulated 20 years of credited service under the system and shall die prior to the date on which the participant would have accumulated 30 years of credited service under this system had he or she not retired but had he or she continued in employment with the city, without interruption, as a firefighter or police officer, the participant's survivor or survivors shall not receive any benefit therefrom. However, should the retired firefighter or police officer die subsequent to the date on which he or she would have accumulated 30 years of credited service hereunder, and should the retiree or participant be survived by a spouse to whom he or she was legally married at the time of the retiree's or participant's death, regardless of...
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45-37A-51.243
Section 45-37A-51.243 Supplemental benefit. (a) In addition to the benefits described herein for normal retirement, ordinary disability, and extraordinary disability, every participant retired from city service or receiving a disability benefit immediately following having been in the city service, which participant did not have active city service after July 1, 1989, did not retire after July 1, 1990, or did not otherwise become eligible for a benefit calculated at 2.25 percent, per year after July 1, 1990, shall have received after three years of retirement or disability under this system an increase in monthly benefit in the amount of one hundred fifty dollars ($150). Present and future surviving spouses or the survivors of the retirees, who are not entitled to the 2.25 percent of the final average salary, shall have received a monthly benefit increase in the amount of the percent of the one hundred fifty dollars ($150) the surviving spouse or the survivor would normally be entitled...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.243.htm - 3K - Match Info - Similar pages
45-37A-51.225
Section 45-37A-51.225 Ordinary disability allowance. (a) In the event a participant, after having accrued five or more years of credited service, shall become totally disabled to perform his or her customary duties as an employee of the city and not be entitled to an extraordinary disability allowance, he or she shall in such event be entitled to a monthly ordinary disability allowance equal to two percent of such participant's final average salary multiplied by his or her years of credited service at the date of disability. (b) Notwithstanding anything to the contrary contained in this section, for all participants who first become participants on or after July 1, 2017, in the event a participant, after having accrued 10 or more years of credited service, becomes totally disabled to perform his or her customary duties as an employee of the city and who is not entitled to an extraordinary disability allowance, he or she shall in that event be entitled to a monthly ordinary disability...
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