45-8A-22.113
Section 45-8A-22.113 Retirement eligibility and benefit. (a) Participants Hired Before May 29, 1979. Subject to Section 45-8A-22.114, any person who was hired by the City of Anniston as a sworn police officer or sworn firefighter before May 29, 1979, and who has been in continuous service as a participant for a period of 20 years shall have a non-forfeitable right to a benefit and shall be entitled to retire and receive a monthly benefit from the plan in an amount equal to three percent of the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by the number of years of continuous service; provided, however, credit shall not be counted for continuous service in excess of 30 years. (b) Participants Hired On and After May 29, 1979. Any participant who was hired by the City of Anniston as a sworn police officer or sworn firefighter on or after May 29, 1979, shall have a non-forfeitable right to a benefit to the extent described in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.113.htm - 4K - Match Info - Similar pages
45-8A-22.121
Section 45-8A-22.121 Partial lump sum option. (a) Notwithstanding Section 45-8A-22.120, effective with respect to distributions before October 1, 2012, a participant may elect to receive a partial lump sum option whereby the amount of his or her monthly retirement benefit shall be reduced, in return for the payment to the participant of a lump sum amount, in cash, at the time his or her monthly pension is first payable. The participant may elect to receive the lump sum, which is based on the reduced amount of his or her regular monthly benefit, before any reduction for survivor benefits, for life multiplied by the specified number of months, as set forth below: Reduction Factor Multiplier 0.91 12 months 0.83 24 months 0.77 36 months 0.71 48 months 0.67 60 months Lump Sum Benefit = Monthly Retirement Benefit X Reduction Factor X Multiplier The monthly benefit then shall be reduced appropriately for survivor benefit options. (b) Effective with respect to distributions on and after...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.121.htm - 1K - Match Info - Similar pages
16-25-33
Section 16-25-33 Term Life Insurance Fund; payment of benefits; funding. (a) A separate fund to be known as the Term Life Insurance Fund is hereby established within the Teachers' Retirement System of Alabama. Such fund shall consist of all monies paid by the employers for term life insurance, and of the investment earnings of such monies and all such funds shall be used only for the payment of benefits provided by this section. (b) Commencing October 1, 1995, upon proof satisfactory to the board of the death of a contributing member who is a full-time employee there shall be paid in the form of a term life insurance benefit the sum of $15,000. On account of the death of a part-time employee, the benefit provided herein shall be prorated based on the employee's percent of full-time employment. This benefit shall be paid to the designated beneficiary on file with the Teachers' Retirement System. For purposes of this section, a person shall be deemed a contributing member if (1) he or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-33.htm - 2K - Match Info - Similar pages
19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term includes: (i) any arrangement providing for the payment to the employer or other sponsor of such plan of benefits that otherwise would be due the participant under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable, whereby any person acquires from a participant or beneficiary of such plan a right or interest enforceable against the plan in, or to, all or any part of a plan benefit which is, or may become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the operation of any bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-508.htm - 6K - Match Info - Similar pages
27-15-52
Section 27-15-52 Definitions. The following terms shall have the following meanings: (1) COMMERCIALLY REASONABLE EFFORT. The plans, processes, or procedures necessary to confirm the death of the insured, contract owner or annuitant, or retained asset account holder against other available records and information and, as applicable, to locate the beneficiary or beneficiaries or other person entitled to payment pursuant to the terms of the policy or contract which have been developed by each insurer and submitted to and approved by the department. (2) CONTRACT. An annuity contract. The term contract shall not include an annuity used to fund an employment-based retirement plan or program where the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants. (3) DEATH MASTER FILE. The United States Social Security Administration's Death Master File or any other database or service that is at least as comprehensive as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-52.htm - 3K - Match Info - Similar pages
36-27-98
Section 36-27-98 Certain pensioners and annuitants, retired from local units before units became members and receiving benefits, may receive increase; certain local units may provide increase. (a) Any pensioner who retired from a city, town, county, or local board before the city, town, county, or local board became a member of the Employees' Retirement System, and who is receiving a monthly benefit on May 13, 1993, administered by the Employees' Retirement System, may receive an increase in benefits in the amount of $60 per month if the city, town, county, or local board elects to fund the increase, provided the pensioner retired prior to October 1, 1992. For purposes of this section, a pensioner is a retiree who earned retirement in any public pension plan created by the Legislature or a political subdivision. (b) Any annuitant who retired from a city, town, county, or local board before the city, town, county, or local board became a member of the Employees' Retirement System, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-98.htm - 1K - Match Info - Similar pages
36-29-12
Section 36-29-12 Rules and regulations; notice of denial of claim; review. The board shall promulgate such rules and regulations as may be required for the effective administration of the provisions of this chapter. The board shall have discretion and authority to interpret the terms and conditions of the plan. The plan shall require adequate notice in writing to any participant whose claim for benefits under the plan has been denied, setting forth the specific reasons for such denial and shall afford a reasonable opportunity to any participant whose claim for benefits has been denied for a full and fair review by the claims administrator upon the written request of the participant, within 60 days of the date of denial, setting forth the specific reasons for review. The claims administrator shall provide in writing a final determination of the claim. Review of a final decision by the claims administrator shall be by the Circuit Court of Montgomery County. (Acts 1965, No. 833, p. 1564,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-29-12.htm - 1K - Match Info - Similar pages
45-37-123.150
Section 45-37-123.150 Amendments. (a) The pension board shall have the right at any time to amend the plan, subject to the limitations of this section. Any amendment shall be consistent with the act, any other legislation relating to the system, or consistent with other authority granted to the pension board. Additionally, in the event that the Legislature amends the act or makes other statutory changes that impact the terms of the plan, the pension board shall cause the plan to be amended as necessary to reflect such legislation. The pension board, and each of its individual members, when acting in its or their official capacity, shall be immune from civil liability against the claims of any individual, member, or other entity of any nature whatsoever arising out of the pension board's or its members' administration of the plan or related to its decisions or actions, which decisions or actions were made in good faith, without malice, and predicated upon information that was then...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.150.htm - 2K - Match Info - Similar pages
45-37-123.24
Section 45-37-123.24 Appointment of advisers and allocation of responsibilities. The pension board may allocate responsibilities among the members of the pension board and/or may delegate responsibilities to third parties. The pension board may employ, appoint, or contract with additional employees, administrators, managers, counsel, specialists, advisers, agents, including nonfiduciary agents, and other persons as the pension board or the trustee deems necessary or desirable in connection with the administration of the plan, including, but not limited to, agents and advisers to assist with the administration and management of the plan, and thereby to provide, among such other duties as the pension board may appoint, assistance with maintaining plan records and the providing of investment information to the plan's investment fiduciaries, and none of such persons shall be subject to the civil service system. (Act 2013-415, p. 1586, §2:2.5; Act 2019-243, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.24.htm - 1K - 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
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