|
45-8A-22.120
Section 45-8A-22.120 Optional benefit plans. (a) Optional Plans. Any participant terminating
service on or after January 1, 1989, pursuant to the terms of Section 45-8A-22.113, Section
45-8A-22.114, or Section 45-8A-22.116 shall, within 20 days of the effective date of termination
have the option of electing a pension plan with or without death benefits from one of the
following three optional plans: (1) Option A-Fifty Percent Joint and Survivor Plan. a. A participant
having elected Option A shall, during his or her lifetime, receive a monthly benefit from
the plan in accordance with Section 45-8A-22.113, Section 45-8A-22.114, or Section 45-8A-22.116.
b. In the event that a participant dies from any cause and leaves a surviving spouse, the
retirement board shall direct the payment to the spouse of a monthly pension equal to 50 percent
of the amount of the pension being paid to the participant at the time of his or her death;
provided, however, with respect to retirements pursuant to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.120.htm - 5K - Match Info - Similar pages
45-8A-22.114
Section 45-8A-22.114 Normal retirement age. (a) Effective with respect to retirements that
occur before October 1, 2012, the retirement board shall retire from service any participant
who has attained age 60 years, and such participant shall be entitled to receive a monthly
benefit from the plan 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) Effective with respect to retirements that occur on and after October
1, 2012, the retirement board shall retire from service any participant who has attained age
65 years, and such participant shall become fully vested and entitled to receive a monthly
benefit from the plan calculated in accordance with Section 45-8A-22.113(b). (Act 2012-484,
p. 1349, §15.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.114.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.220.htm - 3K - Match Info - Similar pages
45-37A-51.244
Section 45-37A-51.244 Early retirement benefit. Participants in the city and other participating
employing entities, except the board of health, having attained age 55 or older and completed
25 or more years of credited service, shall be entitled, upon voluntary retirement, to a monthly
retirement benefit equal to 1.85 percent of the monthly final average salary of the participant
multiplied by the participant's years of credited service. Subject to Section 45-37A-51.237,
the amount of any retirement benefit provided pursuant to this section shall continue to accrue
throughout the life of the retiree. Survivors of participants retiring shall receive all survivors'
benefits available to normal retirees who are eligible for benefits under Section 45-37A-51.220.
(Act 2006-339, p. 851, Art. VI, §25.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.244.htm - 1K - Match Info - Similar pages
45-37A-51.250
Section 45-37A-51.250 Pension Funding Equity Act of 2004. Solely for purposes of calculating
DROP benefits and for converting lump sum amounts for compliance with § 415, Internal Revenue
Code, if the system provides a benefit in a form that is subject to the minimum present value
requirements of § 417(e)(3), Internal Revenue Code, in a fiscal year beginning in 2004 or
2005, the actuarially equivalent straight life annuity that is used for demonstrating compliance
with § 415, Internal Revenue Code, shall be the greater of: (1) The straight life annuity
determined using the plan rate and plan mortality table and (2) the straight life annuity
determined using 5.5 percent and the applicable mortality table. A benefit is subject to the
minimum present value requirements of § 417(e)(3), Internal Revenue Code, if it is any benefit
other than a nondecreasing annuity payable for a period of not less than the life of the participant,
or, in the case of a qualified preretirement survivor...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.250.htm - 1K - Match Info - Similar pages
45-37A-51.241
Section 45-37A-51.241 Board of health retired employees. (a) Employees of the board of health,
upon termination of such employment after 10 years of actual service to the board of health,
shall have the option to leave in the system fund all contributions made by such terminated
employee and receive a monthly retirement benefit beginning at age 60, in the amount equal
to two percent of such employee's monthly final average salary multiplied by his or her years
of credited service. The benefit shall continue throughout the life of the retiree. A survivor's
benefit calculated as described in Section 45-37A-51.228 shall be provided to survivors or
retirees under this provision if such retired employee has reached age 60 years, however the
survivor's benefit rate shall be 60 percent of the retiree's benefit or as determined by the
board of managers. In the event that a terminated employee dies, prior to receiving a benefit
hereunder, or elects at any time to withdraw the contribution to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.241.htm - 2K - Match Info - Similar pages
12-18-87
Section 12-18-87 Benefits. (a) Judges' retirement benefits. - The annual retirement benefit
payable to a probate judge retiring pursuant to subdivisions (2), (3), (4), and (5) of Section
12-18-84 shall be 75 percent of the base sum or salary upon which such judge is paying the
percentage as provided in subsection (a) or subsection (b) of Section 12-18-82 immediately
prior to retirement. Such retirement benefit shall be payable monthly from the State Treasury
for the life of the beneficiary. (b) Spouses' benefits. - After the death of any probate judge
who has held office for a minimum of five years, his or her spouse shall receive a yearly
benefit from the State Treasury equivalent to the greater of $480.00 per year, multiplied
by the number of years of service, not to exceed 10 years, or three percent of the base sum
or salary upon which such probate judge was paying the percentage as provided in subsection
(a) or subsection (b) of Section 12-18-82 immediately prior to retirement,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-18-87.htm - 2K - Match Info - Similar pages
45-37A-51.169
Section 45-37A-51.169 Correction of errors. (a) The system shall have the authority to recalculate
benefits if a mistake in payments has occurred. If the system mistakenly sets any benefit
at an incorrect amount, it shall recalculate the benefit as soon as practicable after the
mistake is discovered. (b) If the benefit was mistakenly set too low, the system shall make
a lump sum payment to the recipient of an amount equal to the difference between the benefits
that should have been paid and those actually paid, plus interest at the rate of five percent
compounded annually per annum from the date the unpaid amounts accrued to the date of payment.
(c) If the benefit was mistakenly set too high, the system may recover the amount overpaid
from the recipient thereof, either directly or by deducting such amount from the remaining
benefits payable to the recipient. However, if the amount of benefits was mistakenly set too
high; and the error was undiscovered for three years or longer; and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.169.htm - 1K - Match Info - Similar pages
45-37A-51.246
Section 45-37A-51.246 Board of health department retirees' supplemental benefit. (a) Effective
July 1, 2006, in addition to the benefits described herein for normal retirement, ordinary
disability, and extraordinary disability, every participant retired from the health department
who has retired under the pension system herein, immediately following having been in the
board of health service, or who did not otherwise become eligible for a benefit calculated
at 2.5 percent per year after July 1, 2006, any such retiree of the board of health shall
receive an increase in the amount of seventy-five dollars ($75) per month; and any survivor
of such retiree or participant shall receive an increased monthly benefit based upon the applicable
percentage rate of benefit to which the survivor was otherwise entitled determined as of the
date of death of such retiree or participant. (b) No benefit shall be granted under this section
until an actuarial determination has been made that there are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.246.htm - 1K - Match Info - Similar pages
12-17-227.6
Section 12-17-227.6 (Effective November 8, 2016, subject to contingencies) Payments from plan;
optional allowances; replacement beneficiaries. (a) Should a member cease to be a district
attorney except by death or by retirement under the provisions of this division, the contributions
standing to the credit of his or her individual account in the fund shall be paid to him or
her upon demand and, in addition to such payment, there shall be paid five-tenths of the interest
accumulations standing to the credit of his or her individual account if he or she shall have
not less than three but less than 16 years of membership service, six-tenths of such interest
accumulations if he or she shall have not less than 16 but less than 21 years of membership
service, seven-tenths of such interest accumulations if he or she shall have not less than
21 but less than 26 years of membership service and eight-tenths of such interest accumulations
if he or she shall have not less than 26 years of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-17-227.6.htm - 5K - Match Info - Similar pages
|