45-37A-51.235
Section 45-37A-51.235 Payment of return of contributions. Only in the event a return of contributions is otherwise required herein shall this section apply. A return of contributions, as provided herein, shall be payable to the former participant, if living. In the event of death, if there is a survivor and there are accrued benefits, there shall be no return of contributions, but survivor's benefits shall be payable as set forth in Section 45-37A-51.228. If there are accrued benefits but no survivor, or if there are no accrued benefits, the return of contribution shall be made to the former participant's severance beneficiary named in accordance with Section 45-37A-51.236. In the event the former participant shall have died and shall have not, while an active participant in the system, designated a beneficiary in writing, the return of contributions, if no accrued benefits to survivors, shall be paid in the following order of preference: (1) To his or her personal representative if...
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36-27-16.2
Section 36-27-16.2 Nomination of recipient of surviving spouse benefits prior to date of retirement. (a) Any provision to the contrary, notwithstanding, any member of the Teachers' Retirement System of Alabama or the Employees' Retirement System of Alabama who shall have attained the service requirements for surviving spouse benefits may nominate such person as he may desire to receive any benefits payable on account of said member's death prior to his date of retirement. Such nomination shall be made in writing, duly executed and filed with the respective Board of Control pursuant to such rules and regulations as said board shall deem necessary to carry out the provisions of this section. (b) This section is cumulative and shall not be construed to supersede or repeal any provision of law not in direct conflict therewith. (Acts 1984, 2nd Ex. Sess., No. 85-44, p. 68, ยง 1.)...
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45-37A-51.220
Section 45-37A-51.220 Normal retirement benefit. (a) A participant having attained age 60 or older and having completed five or more years of credited service, or having completed 30 or more years of credited service without regard to age, shall be entitled upon his or her voluntary retirement to a monthly retirement benefit equal to one of the following: (1) With respect to a retiree who first became a participant on or before the first day of July after nine years after date of establishment, forty percent of his or her final average salary, plus one and three thousand three hundred thirty-four thousandths percent (1.3334%) of his or her final average salary multiplied by his or her years of credited service in excess of 15 years. (2) With respect to a retiree who first becomes a participant subsequent to the first day of July nine years after date of establishment, and becomes entitled to a normal retirement benefit and retires on or before July 1, 1990, two percent of his or her...
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5-24-15
Section 5-24-15 Rights of creditors and others. (a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under this chapter is not effective against the estate of a deceased party to the extent needed to pay claims against the estate and statutory allowances to the surviving spouse and children. (b) A surviving party or beneficiary who receives payment from an account after death of a party is liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11, to the extent necessary to discharge the claims and allowances described in subsection (a) remaining unpaid after application of the decedent's estate. A proceeding to assert the liability may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child, or a...
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6-10-100
Section 6-10-100 Proceedings to set apart exemptions when administration not granted on decedent's estate within 60 days after death - Generally. (a) When the property, real or personal, owned by a decedent at the time of his death does not exceed in amount and value the exemption allowed in favor of his or her surviving spouse and minor child or children, or either, and no administration is granted on his estate within 60 days after his death, the probate court of the county in which he resided at the time of his death, upon the application of the surviving spouse or, if there is no surviving spouse or he or she does not act, upon the application of a suitable person who shall be appointed by the judge of probate as the next friend of such minor child or children, verified by oath and setting forth such facts, as well as the names, condition, and residence, if known, of the heirs of the decedent other than the minor children of the decedent, must appoint two commissioners, who shall...
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12-18-111
Section 12-18-111 Transfer of contributions and creditable service - Eligibility requirements; adjusted benefits; formulas; district or probate judges excepted; spouses benefits. (a) Any member of the Judicial Retirement Fund of Alabama whose creditable service and contributions have been certified and transferred to the Judicial Retirement Fund, shall be entitled to retire under the said fund on service or disability, upon attaining sufficient years of age and creditable service, including credit for service transferred to the fund under the provisions of this article, to qualify for said retirement, in accordance with the service and age requirements contained in this chapter for the judicial position in which such member is serving at the time of retirement, subject to the adjustments in benefits and allowances provided for in this section. The surviving spouse of a member of the Judicial Retirement Fund shall be entitled to count or employ creditable service certified and...
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45-37A-51.262
Section 45-37A-51.262 Life insurance; security. (a) Should a participant obtaining a loan terminate employment for any reason, the participant shall be required to post security or collateral to allow for payments on the loan to continue subsequent to retirement or repay the loan balance within 60 days after termination, or the participant's retirement benefit under Division 6 shall be affected. The entire pension loan, including interest thereon, shall be paid in full prior to receiving any pension benefits funds or return of contributions. Provided however, if the participant is due to collect a retirement benefit beginning immediately upon termination, the posting of insurance and/or security shall allow the payments to be deducted from the participant's pension check. Such security may include a policy of insurance on his or her life, all premiums payable by the participant, providing for the insurance company to repay the unpaid balance of the loan in the event of his or her death...
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45-8A-22.103
Section 45-8A-22.103 Trustee; pensions and benefits. (a) The retirement board or the person or entity appointed by the retirement board and named as trustee in any separate trust forming a part of the plan shall serve as the trustee of the trust (the "trustee"). It may adopt and enforce necessary rules and regulations to carry out the purposes of the plan and enable it to properly manage and administer the trust, including employing investment counselors and agents to invest and manage portions of the trust, as the retirement board may direct. (b) When the actuary certifies that the necessary funds are available, the retirement board, in accordance with Section 45-8A-22.101, may increase the benefits provided for retirees by passing a written board resolution which declares that the monthly benefit paid to each retiree, surviving spouse, or other beneficiary of the retiree shall be increased by a flat dollar amount per month, increased by a flat dollar amount per year of active service...
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6-10-2
Section 6-10-2 Homestead exemption - Amount; area. The homestead of every resident of this state, with the improvements and appurtenances, not exceeding in value fifteen thousand dollars ($15,000) and in area 160 acres, shall be, to the extent of any interest he or she may have therein, whether a fee or less estate or whether held in common or in severalty, exempt from levy and sale under execution or other process for the collection of debts during his or her life and occupancy and, if he or she leaves surviving him or her a spouse and a minor child, or children, or either, during the life of the surviving spouse and minority of the child, or children, but the area of the homestead shall not be enlarged by reason of any encumbrance thereon or of the character of the estate or interest owned therein by him or her. When a husband and wife jointly own a homestead each is entitled to claim separately the exemption provided herein, to the same extent and value as an unmarried individual....
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19-3B-505
Section 19-3B-505 Creditor's claim against settlor. (a) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. (2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit. If a trust has more than one settlor, then the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that was revocable immediately prior to the settlor's death is subject to claims of the settlor's creditors, costs of administration of the settlor's estate, the expenses of the...
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