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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
45-37-123.134
Section 45-37-123.134 Purchase of permissive service credit. (a) In general. If a member makes
one or more contributions to the plan to purchase permissive service credit under the plan,
the requirements of § 415, Internal Revenue Code, shall be treated as met with respect to
these contributions if: (1) The requirements of § 415(b), Internal Revenue Code, are met,
determined by treating the accrued benefit derived from all such contributions as an annual
benefit for purposes of § 415(b), Internal Revenue Code, provided, however, the plan shall
not fail to meet the reduced limit under § 415(b)(2)(C), Internal Revenue Code, solely by
reason of this section; or (2) The requirements of § 415(c), Internal Revenue Code, are met,
determined by treating all such contributions as annual additions for purposes of § 415(c),
Internal Revenue Code, provided, however, the plan shall not fail to meet the percentage limitation
under § 415(c)(1)(B), Internal Revenue Code, solely by reason of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.134.htm - 5K - Match Info - Similar pages
6-10-102
Section 6-10-102 Effect of removal from homestead. When homestead exemption has been allotted
to the surviving spouse and minor child or children, or either, under any of the provisions
of this division, they shall not be held to have abandoned or forfeited the same by a removal
therefrom. (Code 1896, §2101; Code 1907, §4228; Code 1923, §7952; Code 1940, T. 7, §698.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-10-102.htm - 692 bytes - Match Info - Similar pages
36-29A-9
Section 36-29A-9 Duration of benefits. (a) The compensation payable under this chapter to the
surviving spouse of a law enforcement officer or firefighter who dies on or after January
1, 2018, as a result of injuries received while engaged in the performance of his or her duties
shall continue upon remarriage. (b) The compensation payable under this chapter to a surviving
dependent child of a law enforcement officer or firefighter who dies on or after January 1,
2018, as a result of injuries received while engaged in the performance of his or her duties
shall not discontinue at least until the dependent child reaches the age of 18 years. (Act
2018-523, §3; Act 2019-445, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-29A-9.htm - 1005 bytes - Match Info - Similar pages
45-37-123.104
Section 45-37-123.104 Withdrawal and refund of employee contributions. The following provisions
generally govern a member's withdrawal and refund of employee contributions under the plan.
Any member who fails to make application for the amount of his or her employee contributions
pursuant to this section within five years after his or her separation from the service of
the county, except as otherwise provided herein or otherwise determined by the pension board,
shall be deemed to have forfeited and donated such employee contributions to the trust fund
pursuant to Section 45-37-123.83. The foregoing five year rule only applies to a member; in
the case of a beneficiary, the pension board may only forfeit employee contributions after
it has exhausted reasonable efforts to locate the beneficiary. (1) WITHDRAWAL OF EMPLOYEE
CONTRIBUTIONS BY MEMBERS NOT ENTITLED TO A DEFERRED RETIREMENT BENEFIT. In the event that
a member ceases to be an employee of the county for reasons other than...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.104.htm - 10K - Match Info - Similar pages
19-3B-504
Section 19-3B-504 Discretionary trusts; effect of standard. (a) In this section, the terms
"child", "spouse", or "former spouse" include any person for
whom an order or judgment for child or spousal support has been entered in this or another
state. (b) Except as otherwise provided in subsection (c), whether or not a trust contains
a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is
subject to the trustee's discretion, even if: (1) the discretion is expressed in the form
of a standard of distribution; or (2) the trustee has abused the discretion. (c) To the extent
a trustee has not complied with a standard of distribution or has abused a discretion: (1)
a distribution may be ordered by the court to satisfy a judgment or court order against the
beneficiary for support or maintenance of the beneficiary's child, spouse, or former spouse;
and (2) the court shall direct the trustee to pay to the child, spouse, or former spouse such
amount as is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-504.htm - 2K - Match Info - Similar pages
27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity contracts
issued by election under this section until June 30, 2006. (a) This section shall be known
as the standard nonforfeiture law for individual deferred annuities. (b) This section shall
not apply to any reinsurance group annuity purchased under a retirement plan or plan of deferred
compensation established or maintained by an employer (including a partnership or sole proprietorship)
or by an employee organization, or by both, other than a plan providing individual retirement
accounts or individual retirement annuities under Section 408 of the Internal Revenue Code,
as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate
annuity, any deferred annuity contract after annuity payments have commenced or reversionary
annuity, nor to any contract which shall be delivered outside this state through an agent
or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity contracts
issued after June 30, 2006, or by election under this section until June 30, 2006. (a) This
section shall be known as the standard nonforfeiture law for individual deferred annuities.
(b) This section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - 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
43-8-112
Section 43-8-112 Family allowance. In addition to the right to homestead allowance and exempt
property, if the decedent was domiciled in this state, the surviving spouse and minor children
whom the decedent was obligated to support and children who were in fact being supported by
him are entitled to a reasonable allowance in money out of the estate for their maintenance
during the period of administration, which allowance may not continue for longer than one
year if the estate is inadequate to discharge allowed claims. The allowance may be paid as
a lump sum or in periodic installments. It is payable to the surviving spouse, if living,
for the use of the surviving spouse and minor and dependent children; otherwise to the children,
or persons having their care and custody; but in case any minor child or dependent child is
not living with the surviving spouse, the allowance may be made partially to the child or
his guardian or other person having his care and custody, and partially to...
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