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
45-37A-51.248
Section 45-37A-51.248 Direct rollovers. (a) Notwithstanding any provision of this subpart 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 board, to have any portion of an eligible rollover distribution that is equal to at least five hundred dollars ($500) paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (b) For purposes of this section the following definitions shall apply: (1) ELIGIBLE ROLLOVER DISTRIBUTION. 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: 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/1975/45-37A-51.248.htm - 3K - Match Info - Similar pages
45-37A-51.242
Section 45-37A-51.242 Cost of living increases; future benefits (a) Upon approval of the governing body of the municipality primarily served by the system and upon approval of the board of managers, an increase in the amount of benefits, including improvements in the terms of benefits: (1) for future retirees, benefits or improvements such as earlier vesting, decreased retirement age, increase in multiplier used in calculating monthly benefit, or other like improvements may be granted; and (2) for current retirees cost of living increases may be granted, subject to the requirements of the United States Internal Revenue Code and regulations therewith. Such increases shall apply to participants or retirees of the board of health. (b) Prior to approving an increase in the above described benefits, the board shall obtain the actuarial evaluation of the fund. Such evaluation shall project the actuarial cost of benefits for the succeeding plan year and shall combine therewith the applicable...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.242.htm - 2K - Match Info - Similar pages
27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest with reference to personal insurance is an interest based upon a reasonable expectation of pecuniary advantage through the continued life, health, or bodily safety of another person and consequent loss by reason of his or her death or disability or a substantial interest engendered by love and affection in the case of individuals closely related by blood or by law. (b) An individual has an unlimited insurable interest in his or her own life, health, and bodily safety and may lawfully take out a policy of insurance on his or her own life, health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign or domestic, has an insurable interest in the life or physical or mental ability of any of its directors, officers, or employees, or the directors, officers, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-3.htm - 5K - Match Info - Similar pages
27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term care insurance policy, the person who seeks to contract for benefits. b. A group long-term care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued under a group long-term care insurance policy, which policy has been delivered or issued for delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for delivery in this state and issued to any of the following: a. One or more employers or labor organizations, or to a trust or to the trustees of a fund established by one or more employers or labor organizations, or a combination thereof, for employees or former employees or a combination thereof, or for members or former members or a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-103.htm - 9K - Match Info - Similar pages
45-37-123.22
Section 45-37-123.22 Powers and duties of the pension board. (a) The pension board shall be responsible for the general administration and proper operation of the plan, and shall administer the plan for the exclusive benefit of the members and their beneficiaries, subject to the specific terms of the plan. The pension board shall administer the plan in accordance with its terms and shall have the power and discretion to construe the terms of the plan and the act and to determine all questions arising in connection with the administration, interpretation, and application of the plan. Any such determination by the pension board shall be conclusive and binding upon all persons. The pension board may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the plan; provided, however, that any procedure, discretionary act, interpretation, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.22.htm - 5K - Match Info - Similar pages
19-3A-409
Section 19-3A-409 Deferred compensation, annuities, and similar payments. (a) In this section: (1) "Payment" means a payment that a fiduciary may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment made in money or property from the payer's general assets or from a separate fund created by the payer. For purposes of subsections (d), (e), (f), and (g), the term also includes any payment from any separate fund, regardless of the reason for the payment. (2) "Separate fund" includes a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock-bonus, or stock-ownership plan. (b) To the extent that a payment or portion thereof is characterized by other sections of this chapter as income in the hands of the payer, a fiduciary shall allocate such payment or portion thereof to income. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-409.htm - 6K - Match Info - Similar pages
26-1A-301
Section 26-1A-301 Power of attorney form. A document substantially in the following form may be used to create a power of attorney that has the meaning and effect prescribed by this chapter. ALABAMA POWER OF ATTORNEY FORM IMPORTANT INFORMATION This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the Alabama Uniform Power of Attorney Act, Chapter 1A, Title 26, Code of Alabama 1975. This power of attorney does not authorize the agent to make health care decisions for you. Such powers are governed by other applicable law. You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-1A-301.htm - 12K - Match Info - Similar pages
45-8A-22.123
Section 45-8A-22.123 Minimum distribution requirements. (a) In General. Benefit payments under the plan must begin by the "required beginning date," defined as April 1 of the calendar year following the later of: (1) The calendar year in which the participant attains age 70 1/2, or (2) The calendar year in which the participant terminates active employment. The participant's entire interest in the trust must be distributed, beginning no later than the "required beginning date," over the life of the participant or the lives of the participant and a designated beneficiary, or over a period not extending beyond the life expectancy of the participant or the participant and designated beneficiary. (b) Participant Dies Before Entire Interest Is Distributed. (1) Distributions Have Begun. When a participant dies after distribution of benefits has begun, the remaining portion of the participant's interest shall be distributed at least as rapidly as under the method of distributions prior to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.123.htm - 2K - Match Info - Similar pages
25-4-152
Section 25-4-152 Deduction of child support obligations; procedures; reimbursement for administrative costs; time of implementation; deduction of federal income tax. (a) (1) An individual filing a claim for unemployment compensation shall, at the time of filing such claim, disclose whether or not the individual owes child support obligations as defined under subdivision (7). If any such individual discloses that he or she owes child support obligations, and is determined to be eligible for unemployment compensation, the secretary shall notify the state or local child support enforcement agency enforcing such obligation that the individual has been determined to be eligible for unemployment compensation. (2) The secretary shall deduct and withhold from any unemployment compensation payable to an individual who owes child support obligations as defined under subdivision (7). a. The amount specified by the individual to the secretary to be deducted and withheld under this subdivision, if...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-152.htm - 5K - Match Info - Similar pages
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