36-27-58.1
Section 36-27-58.1 Purchase of credit for certain members away from work due to job-related injury. (a) Notwithstanding any other laws, any active and contributing member of the Employees' Retirement System of Alabama may purchase up to two years of service credit for the time he or she was receiving benefits pursuant to the Alabama Workers' Compensation Act, commencing with Section 25-5-1, and was absent from work due to a work related and compensable injury; provided that the member returned to work with his or her covered employer within one year following cessation of workers' compensation benefits. The Board of Control of the Employees' Retirement System shall adopt rules and regulations for the administration of this section including verification of the service that the member desires to purchase credit for in the system. The member shall receive credit for the service when he or she remits to the system the contributions required by subsection (b). Notwithstanding the foregoing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-58.1.htm - 1K - Match Info - Similar pages
12-18-113
Section 12-18-113 Transfer of contributions and creditable service - Probate judge's adjusted benefit formulas; spouse's benefits. In the event a member of the Judicial Retirement Fund, who is a probate judge, or a surviving spouse thereof, must employ and count creditable service transferred under this article to qualify for retirement and/or benefits under the fund, the benefits or allowances payable to such member or spouse shall be calculated as follows, and shall be in lieu of any and all other rights, benefits and allowances, except Social Security payments: (1) The annual service allowance payable to a retiring probate judge shall be an annual amount equal to the sum of: a. The amount which results when 75 percent of the base sum or salary upon which such judge was contributing, as provided in Section 12-18-82, immediately prior to retirement is multiplied by the ratio created when the member's number of years of creditable service, excluding transferred credit, is compared to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-113.htm - 5K - Match Info - Similar pages
12-17-227
Section 12-17-227 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this division, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the District Attorneys' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a district attorney with respect to which he or she had made contributions pursuant to Section 12-17-227.2 during the five years in his or her last 10 years of membership service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-17-227.htm - 3K - Match Info - Similar pages
12-18-150
Section 12-18-150 (Effective November 8, 2016, subject to contingencies) Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ACCUMULATED CONTRIBUTIONS. The sum of all the amounts deducted from the compensation of a member credited to his or her individual account in the Judges' and Clerks' Plan, together with regular interest thereon. (2) ACTUARIAL EQUIVALENT. A benefit of equal value when computed upon the basis of the mortality tables adopted by the Board of Control and regular interest. (3) ANNUITY. Payments for life derived from the accumulated contributions of a member. All annuities shall be payable in equal monthly installments. (4) AVERAGE FINAL COMPENSATION. The average annual compensation of a judge or clerk with respect to which he or she had made contributions pursuant to Section 12-18-152 during the five years in his or her last 10 years of membership service for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-150.htm - 3K - Match Info - Similar pages
36-27-4
Section 36-27-4 Membership - Generally; denial of membership; absence from service; military service. (a) The membership of the retirement system shall be composed as follows: (1) All persons who shall become employees after October 1, 1945, shall become members of the retirement system as a condition of their employment. (2) Any person who is an employee on October 1, 1945, shall become a member as of that date unless, within a period of 90 days next following, such employee shall file with the Board of Control on a form prescribed by the board a notice of his or her election not to be covered in the membership of the system and a duly executed waiver of all present and prospective benefits which would otherwise inure to him or her on account of his or her membership in the retirement system. (3) An employee whose membership in the retirement system is contingent on his or her own election and who elects not to become a member may thereafter apply for and be admitted to membership...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-4.htm - 9K - Match Info - Similar pages
45-49A-63
Section 45-49A-63 Definitions. As used in this part, the following words and terms shall have meanings as follows: (1) ANNUITY STARTING DATE. The first day for which a benefit is payable as an annuity or any other form under Section 45-49A-63.80. (2) BENEFICIARY. The person or persons named by a member by written designation filed with the board to receive payments under this plan after the member's death. The member may not change his or her beneficiary after his or her annuity starting date. If no beneficiary designation is in effect at the member's death, or if no person so designated survives the member, the member's surviving spouse, if any, shall be deemed to be the beneficiary, otherwise the beneficiary shall be the member's estate. (3) BOARD. The Police and Fire Pension Board as constituted under Section 45-49A-63.120, or its delegate. (4) BREAK IN SERVICE. A period of absence which would constitute a break in the member's service under the Mobile County Personnel Board rules;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-63.htm - 6K - Match Info - Similar pages
12-18-40
Section 12-18-40 Retirement at age 60; computation; cost-of-living; prior service. On or after July 30, 1979, any person assuming office for the first time as a justice of the Supreme Court, judge of a court of appeals or a circuit judge, shall receive and be entitled to all retirement benefits prescribed in Title 12, Chapter 18, Articles 1 and 2, except as follows: (1) The provisions of subdivisions (3) and (5) of both subsections (a) and (b) of Section 12-18-6, to the contrary notwithstanding, except for disability, no such justice or judge shall be eligible to receive judicial service retirement pay prior to attaining 60 years of age. (2) The retirement pay or benefit of each such justice or judge shall be based and computed pursuant to the provisions of Section 12-18-10, at the percentage rate therein prescribed of his final salary received from the state at the time of retirement. Retired justices and judges coming under this article shall be entitled to receive cost-of-living...
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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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16-25-5
Section 16-25-5 Transfer of membership in Employees' Retirement System of Alabama, etc., of janitors, maids, cafeteria workers and other full-time employees in public education. (a) The phrase "public education," as used in this section, shall be construed as meaning and referring to any institution of learning supported wholly by public funds, regardless of whether such institution is under the control and supervision of the State Department of Education. (b) All janitors, maids, cafeteria workers and any other full-time employees in public education, regardless of in what manner or on what basis paid, covered in the Employees' Retirement System of Alabama under the provisions of Section 36-27-6 on October 1, 1975 shall be enrolled and transferred to the Teachers' Retirement System of Alabama by their employer with all credit as has been established in the Employees' Retirement System of Alabama. (c) All janitors, maids, cafeteria workers and any other full-time employees in public...
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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
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