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16-25-21
Section 16-25-21 Method of financing. 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, 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. (1) 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: a. Each
employer shall cause to be deducted from the salary of each member on each and every payroll
of such employer for each and every payroll period five...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-21.htm - 15K - Match Info - Similar pages
36-26-14
Section 36-26-14 Deferred compensation plans for certain employees. (a) The personnel board
may adopt, establish, and maintain a deferred compensation plan or plans, except under Internal
Revenue Code Section 403 (b), for the employees of the State of Alabama or any city, town,
county, or public entity or corporation organized pursuant to the laws of this state. Notwithstanding
the foregoing, prior to the employees of a county or political subdivision of the county participating
in a plan, the employing county or political subdivision of the county shall approve participation
in the plan. The personnel board may include in any such plan any provision that does not
cause the plan to fail to qualify for its tax-favored treatment under the United States Internal
Revenue Code, including, but not limited to, participant loans, unforeseeable emergency or
hardship distributions, Roth deferrals, rollovers, transfers to purchase service credit, and
distributions to purchase a retired public...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-26-14.htm - 3K - Match Info - Similar pages
36-27-23
Section 36-27-23 Board of Control; medical board, actuary. (a) The general administration and
responsibility for the proper operation of the retirement system and for making effective
the provisions of this article are hereby vested in a board of trustees which shall be known
as the Board of Control. (b) The board shall consist of 13 trustees as follows: (1) The Governor,
ex officio, who shall be chairman. (2) The State Treasurer, ex officio. (3) The State Personnel
Director, ex officio. (4) The Director of Finance, ex officio. (5) Three members of the retirement
system, to be appointed by the Governor, no two of whom shall be from the same department
of the state government nor from any department of which an ex officio trustee is the head.
The state employees appointed pursuant to this section shall be Merit System employees with
at least ten years of creditable state service and shall not be a department head or an assistant
department head. The terms of office of the three members...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-23.htm - 9K - Match Info - Similar pages
36-27C-7
Section 36-27C-7 Contributions. (a)(1) By September 1 of each year, the board, based on the
funds appropriated by the Legislature for employer contributions to defined contribution savings
plans for the ensuing fiscal year and the number of participants, shall determine the maximum
amount of employer match contribution available for each participant. Nothing in this chapter
shall be deemed to require the Legislature to appropriate an employer match or any other monies
to the Employee Savings Plan. (2) The employer match contribution as established in subdivision
(1) shall be available to each participant in the plan and funded into the 401 plan established
by the board for the participant. (3) The board shall make a similar determination for employees
of any other agency electing to participate in a defined contribution savings plan under this
chapter whose employees are not included within an appropriation for employer contributions
by the Legislature. (4) Such agencies referred to in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27C-7.htm - 3K - Match Info - Similar pages
36-29-50
Section 36-29-50 High deductible health plan with a federally qualified health savings account.
(a) As used in this section, the following words shall have the following meanings: (1) HEALTH
SAVINGS ACCOUNT or HSA. A savings or other account meeting the requirements for favorable
tax treatment under 26 U.S.C. §223, as amended. (2) HIGH DEDUCTIBLE HEALTH PLAN or HDHP.
That term as defined in 26 U.S.C. §223(c)(2), as amended, and any regulations promulgated
thereunder. (3) PARTICIPANT. An eligible active or retired state employee and his or her dependents
as determined by the State Employees' Insurance Board. (b) The State Employees' Insurance
Board may offer a high deductible health plan with a federally qualified health savings account
(HDHP-HSA) to eligible active and retired state employees and their dependents. A retired
state employee eligible for or entitled to Medicare benefits under Title XVIII of the federal
Social Security Act is not eligible to participate in the HDHP-HSA....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-29-50.htm - 2K - Match Info - Similar pages
45-37A-51.05
Section 45-37A-51.05 Retirement and relief fund. (a) For the purpose of the deductions from
salary provided for in this section, the salary of a fireman or policeman shall be deemed
to be the same as his or her salary is for the purpose of payroll deductions provided for
in Section 9 of Act 929. (b)(1) At the end of each payroll period after the effective date
of this subpart, the City of Birmingham shall deduct from the salary of each firefighter police
officer who commenced service on or after May 2, 1978, an amount equal to three and 30/100
percent of his or her salary plus an actuarially determined amount to cover one-half of the
cost of providing a retirement benefit after 20 years of credited service. This amount shall
not exceed the amount necessary to fund the additional cost over a period of 30 years, and
shall be deposited into the supplemental pension system; provided, however, the city shall
not make any such deduction from the salary of any firefighter or police officer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.05.htm - 5K - Match Info - Similar pages
45-37A-51.198
Section 45-37A-51.198 Purchase of credit for prior unclassified service. (a) Any employee member
having been a full-time employee in the unclassified service of the city, prior to January
1, 1989, as a common laborer for less than 10 years, shall have had the election options available
under the terms of subsection (d) of Section 45-37A-51.162 and Section 45-37A-51.163 and shall
have purchased time not later than May 15, 1989. In the case of reemployment of an unclassified
employee, such employee with unclassified time prior to January 1, 1989, and having received
a return of contributions at his or her termination of prior employment, may purchase this
creditable service time as otherwise provided in Section 45-37A-51.195. The city shall pay
an amount equal to the employee's total cost of purchase for prior credited service into the
fund for the city's contribution for the period of service. (b) To receive credit in the system
for such prior unclassified service, the employee member...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.198.htm - 1K - 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
34-14A-20
Section 34-14A-20 Alabama Construction Trade Academy Fund; Alabama Construction Trade Advisory
Council; applications for funding; program guidelines. (a) The Alabama Construction Trade
Academy Fund is established in the State Treasury. The fund shall be comprised of federal,
state, and private funding through direct budgetary funding and grants for the expansion of
construction trade education. To the extent practicable, monies in the fund shall be used
to leverage other forms of funding from private sources. A percentage of matching funds, as
established by the advisory council, must come from private, non-governmental sources. The
board may not use more than 15 percent of the monies in the fund for administrative and operational
costs incurred in the implementation and administration of this section. (b) The board, in
cooperation with public and private sector partners, shall establish a program to provide
funding mechanisms for tool grants, program incentives, supplies, mobile...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-14A-20.htm - 7K - Match Info - Similar pages
9-2-20.2
Section 9-2-20.2 Game and Fish Fund - Alabama Nongame Wildlife Endowment. (a) There is hereby
created within the Game and Fish Fund a special account to be known as the Alabama Nongame
Wildlife Endowment. The assets of said account shall consist of the following: (1) The proceeds
from the sale of reproductions of the said print and/or stamp; (2) The proceeds of any gifts,
grants and contributions to the state which are specifically designated for inclusion in said
account; and (3) Such other sources as may be specified by law. (b) The Alabama Nongame Wildlife
Endowment shall be administered by a board of trustees consisting of the Director of Finance,
the Secretary-Treasurer of the State Employees' Retirement System and the Commissioner of
the Department of Conservation and Natural Resources. Said board of trustees shall have the
power and authority to invest and reinvest the assets of the account within the guidelines,
limitations and restrictions that govern investment of the State...
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