45-8A-22.104
Section 45-8A-22.104 Investment of the trust for revenue purposes. (a) The retirement board and any investment manager it appoints is authorized to invest and reinvest the funds of the trust in all classes and forms of bonds, mortgages, common and preferred stocks, shares of investment companies or mutual funds, or any other investment. The retirement board is further authorized to hold, purchase, sell, assign, transfer, and dispose of any investment in which the funds of the trust previously have been invested as well as the proceeds thereof. (b) No participant or employee of the City of Anniston shall have any direct interest in the gains or profits of any investment made by the retirement board nor shall any participant or employee of the City of Anniston become an endorser or surety or act in any manner as an obligor for monies loaned to or borrowed from the retirement board. (Act 2012-484, p. 1349, ยง5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.104.htm - 1K - Match Info - Similar pages
45-8A-22.109
Section 45-8A-22.109 Contributions to the trust. (a) The secretary-treasurer shall receive contributions to the trust that shall consist of the following: (1) All of the money, securities, things of value, and assets belonging to any similar fund now being maintained by the City of Anniston. (2) All money or properties that may be given or donated by any person, firm, association, or corporation for the uses and purposes for which the trust is created, and the retirement board may take by gift, grant, devise, or bequest, any money, personal property or real estate, or any interest therein or any right of property for the benefit of the trust. (3) Participant Contributions. a. Employee Contributions. Effective prior to October 1, 2002, 10 percent of each participant's monthly compensation, including overtime and any other pay, which shall be deducted from such compensation and paid to the secretary-treasurer on or before the tenth day each month next succeeding the month in which such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.109.htm - 6K - Match Info - Similar pages
45-8A-22.101
Section 45-8A-22.101 Retirement board membership; secretary-treasurer. (a) Retirement Board. (1) The retirement board shall be composed of five members: a. One member shall be elected by the retirees and surviving spouses of retirees of the plan. b. One member shall be a member of the City of Anniston Fire Department ("fire department") elected by the members of the fire department. c. One member shall be a member of the City of Anniston Police Department ("police department") elected by the members of the police department. d. One member shall be the City of Anniston Finance Director. e. One member shall be appointed by the City Council of the City of Anniston and such member shall be a qualified elector in the City of Anniston and shall not be an individual who is a member or the spouse, child, parent, sibling, or in-law of a member currently represented on the retirement board. (2) The member elected by the retirees and surviving spouses of retirees of the plan, the member elected...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.101.htm - 5K - Match Info - Similar pages
45-8A-22.102
Section 45-8A-22.102 Powers and duties of the retirement board.. (a) The retirement board shall be responsible for the general administration and proper operation of the plan and shall administer the plan for the exclusive benefit of participants and their beneficiaries, subject to the terms of the plan. The retirement 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 this subpart and to determine all questions arising in connection with the administration, interpretation, and application of the plan. Any such determination by the retirement board shall be conclusive and binding upon all persons. (1) The retirement board shall have all powers necessary or appropriate to accomplish the retirement board's duties under the plan, including, but not limited to, the following: a. To determine all questions relating to the eligibility of a sworn police officer or a sworn firefighter of the City of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.102.htm - 3K - Match Info - Similar pages
45-8A-22.116
Section 45-8A-22.116 Disability benefits. (a) Line of Duty Disability Benefit. (1) Effective for Disabilities Occurring Before October 1, 2012. a. Participants Hired Before July 1, 2002. A participant, who was hired by the City of Anniston as a sworn police officer or sworn firefighter before July 1, 2002, who becomes permanently physically or mentally disabled as a result of injuries received in the line of duty, rendering his or her retirement from service necessary, shall be entitled to receive a disability benefit equal to the following: 1. Participants With At Least Three Years of Service. The participant's disability benefit shall equal three percent times the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by 30. 2. Participants With Less Than Three Years of Service. The participant's disability benefit shall equal three percent times the average of his or her monthly compensation for all years of continuous service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.116.htm - 9K - Match Info - Similar pages
45-37A-51.120
Section 45-37A-51.120 Definitions. (a) The following words, terms, and phrases, wherever used in this subpart, including this section, shall have the meanings respectively ascribed to them in this section, unless the context plainly indicates otherwise or that a more restricted or extended meaning is intended: (1) ANNIVERSARY DATE. The date of establishment and the month and day thereof annually thereafter. (2) APPOINTED EMPLOYEE. A person who holds his or her office or position by reason of being appointed by the mayor or city council or other appointing authority of the city; who is not a classified service employee; and who serves solely at the pleasure of the respective appointing authority. (3) BASIC MONTHLY EARNINGS and MONTHLY SALARY. Basic monthly compensation, exclusive of overtime or other forms of extra compensation but including longevity pay, which shall be regarded as having been received in equal monthly installments during each of the months prior to the accrual date...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.120.htm - 13K - Match Info - Similar pages
45-37A-51.245
Section 45-37A-51.245 Retroactive deferred retirement option plan. (a) Effective July 1, 2002, a participant who retires at least 90 days following July 1, 2002, who has then completed at least 23 years of credited service, and who is otherwise entitled to retire and receive a normal retirement benefit, shall have the opportunity to elect a back drop plan. A participant eligible for the back drop plan can elect in writing at his or her retirement to retroactively drop his or her credited service in excess of 20 years, for a period of months not exceeding 36 months immediately preceding the date of retirement, the back drop period; provided that the beginning of the back drop period may not extend past the earliest date on which the participant would have qualified for a normal retirement benefit. A participant who is not actively employed may not make a back drop election. To be effective, a back drop election by a married participant shall be approved in writing by his or her spouse....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.245.htm - 5K - Match Info - Similar pages
24-1A-5
Section 24-1A-5 Powers of authority. The authority shall have the following powers: (1) To have succession by its corporate name until the principal of and interest on the bonds shall have been fully paid and until it shall have been dissolved as provided in this chapter; (2) To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereto; (3) To adopt and use a corporate seal and to alter the seal at pleasure; (4) To establish a fiscal year; (5) To maintain an office in the City of Montgomery; (6) To adopt, and from time to time amend and repeal, bylaws and rules and regulations, not inconsistent with this chapter, to carry into effect the powers and purposes of the authority in the conduct of its business; (7) To purchase mortgage loans from mortgage lenders; (8) To contract with mortgage lenders for the origination of, or the servicing, of mortgage loans to be made by such mortgage lenders and the servicing of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1A-5.htm - 7K - Match Info - Similar pages
11-49B-7
Section 11-49B-7 Powers of authority. The authority shall exercise, subject to this chapter, the following powers and duties necessary to the discharge of its powers and duties in corporate form: (1) To have succession by its corporate name for the duration of time, which may be perpetual, subject to the provisions of Section 11-49B-19 specified in its certificate of incorporation. (2) To sue and be sued in its own name in civil suits and actions and to defend suits against it. (3) To adopt and make use of a corporate seal and to alter the seal at pleasure. (4) To adopt and alter bylaws for the regulation and conduct of its affairs and business. (5) To acquire, receive, and take, by purchase, gift, lease, devise, or otherwise, and to hold property of every description, real, personal, or mixed, whether located in one or more counties or municipalities and whether located within or outside the authorizing county. (6) To make, enter into, and execute contracts, agreements, leases, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-49B-7.htm - 10K - Match Info - Similar pages
16-22-13.2
Section 16-22-13.2 Fiscal year 2002-2003 adjustments. (a) Pay increases, FY 2002-2003. The State Budget Officer shall allocate to the State Board of Education, the Board of Trustees of the Alabama Institute for Deaf and Blind, the Board of Youth Services School District, the Board of Directors of the Alabama School of Fine Arts, and the Board of Trustees of the Alabama School of Mathematics and Science for disbursement to the employees thereof funds based on the criteria established in this section. It is not the intent of this section to make appropriations, but the appropriations required by this section shall be made in the annual budget act for the public schools and colleges. (1) CERTIFICATED PERSONNEL (K-12). For the fiscal year beginning October 1, 2002, and each year thereafter, each certificated employee at all city and county school systems and the teachers at the Department of Youth Services School District shall receive a three percent salary increase. Each step and cell on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-22-13.2.htm - 11K - Match Info - Similar pages
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