36-27-31
Section 36-27-31 Compliance with qualifications standards. The Board of Control of the Employees' Retirement System of Alabama is authorized to implement any new accounting procedures, funds, or administrative changes and to provide for the payment of benefits to members or beneficiaries of the retirement system as may be necessary to ensure the Employees' Retirement System of Alabama's compliance with the qualification standards required of public pension plans by the Internal Revenue Code of the United States. (Act 98-385, p. 732, §10(b).)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-31.htm - 854 bytes - Match Info - Similar pages
36-27A-5
Section 36-27A-5 Eligibility. The PEIRAF shall be available to all public employees in the State of Alabama who are members of the Teachers' Retirement System, the Employees' Retirement System or the Judicial Retirement Fund. In addition, any employee of an employer eligible to participate in the Employees' Retirement System pursuant to the provisions of Section 36-27-6, or any public official or employee of the State of Alabama or any political subdivision thereof, shall be eligible to participate under the provisions of this chapter. Participation in this fund shall be on a strictly voluntary basis under such rules and regulations as shall be adopted by the board of control and in accordance with the provisions contained in the Internal Revenue Code as it relates to individual retirement accounts for public employees. Any person who shall become ineligible for participation in the PEIRAF due to the termination of his employment with an eligible employer may leave his contributions on...
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45-8A-22.123
Section 45-8A-22.123 Minimum distribution requirements. (a) In General. Benefit payments under the plan must begin by the "required beginning date," defined as April 1 of the calendar year following the later of: (1) The calendar year in which the participant attains age 70 1/2, or (2) The calendar year in which the participant terminates active employment. The participant's entire interest in the trust must be distributed, beginning no later than the "required beginning date," over the life of the participant or the lives of the participant and a designated beneficiary, or over a period not extending beyond the life expectancy of the participant or the participant and designated beneficiary. (b) Participant Dies Before Entire Interest Is Distributed. (1) Distributions Have Begun. When a participant dies after distribution of benefits has begun, the remaining portion of the participant's interest shall be distributed at least as rapidly as under the method of distributions prior to the...
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40-18-25.1
Section 40-18-25.1 Estates and trusts - Exemptions. (a) Trusts shall be exempt from the tax imposed by this chapter if they are exempt from federal income tax under 26 U.S.C. § 501 (relating to exempt organizations), § 401 (relating to pension and profit sharing trusts), § 408 and § 408A (relating to individual retirement accounts and individual retirement annuities), § 530 (relating to Coverdell education savings accounts), or § 664 (relating to charitable remainder trusts). The foregoing exemption shall not apply, however, to any entity that is not exempt from federal income tax by reason of 26 U.S.C. §§ 502 or 503, nor to any income of an otherwise exempt organization to the extent that such income constitutes "unrelated business taxable income," as defined in 26 U.S.C. § 512. (b) The taxation of distributions from a trust described in 26 U.S.C. § 401 that constitutes a "defined contribution plan" as defined in 26 U.S.C. § 414(i) shall be determined in accordance with 26...
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45-37-123.23
Section 45-37-123.23 Records and reports. (a) Records. The pension board shall keep a record of all of its proceedings, which shall be open to public inspection. Additionally, the pension board shall keep all other books of account, records, policies, compensation records, service records, and other data that may be necessary for proper administration of the plan and shall be responsible for supplying all information and reports to the Internal Revenue Service, members, beneficiaries, and others as may be required by law. (b) Correction of records. (1) The pension board shall correct any error in a member's service record which the pension board concludes is necessary to correct or remove an injustice or prevent a member from receiving less or more than such member is entitled to receive under the plan. The pension board shall adopt written rules prescribing the procedure the pension board shall follow in considering whether an error in an employee's service record should be corrected....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.23.htm - 3K - Match Info - Similar pages
45-37-123.82
Section 45-37-123.82 Employee contributions. (a) Employee contributions generally. As a condition of employment and of accruing benefits under the plan, each member shall contribute six percent of such member's compensation to the plan. The employee contributions shall be after tax, or if approved by the pension board such employee contributions shall be pre-tax and treated as "picked-up" and contributed by the county to the plan pursuant to Section 414(h)(2) of the Internal Revenue Code. The county shall process such employee contributions each payroll period and the aggregate amount shall be deposited in the trust fund. Employee contributions shall begin on the member's first paycheck after a member becomes eligible for membership in the system as provided for in Section 45-37-123.50. In the event that the county fails to withhold any employee contributions, the county may withhold such amounts, whether treated by the county as after-tax contributions or treated as "picked-up"...
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13A-9-70
Section 13A-9-70 Definitions. The following words and phrases as used in this article shall have the following meanings unless a different meaning is required by the context: (1) CHARITABLE ORGANIZATION. Any benevolent, philanthropic, or patriotic person, or one purporting to be such, consistent with the then-controlling definition provided in the Internal Revenue Code of the United States of America, which solicits and collects funds for charitable purposes and includes each local, county, or area division within this state of the charitable organization; provided the local, county, or area division has authority and discretion to disburse funds or property otherwise than by transfer to any parent organization. (2) CHARITABLE PURPOSE. Any charitable, benevolent, philanthropic, or patriotic purpose which is consistent with the then-controlling definition provided in the Internal Revenue Code of the United States of America. (3) CIVIL RIGHTS ORGANIZATION. Any charitable organization...
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16-25-11.21
Section 16-25-11.21 Purchase of credit for prior service to certain institutions of higher education. (a) Any active, vested, and contributing member of the Teachers' Retirement System who has been employed in public education for a minimum of 10 years may claim and purchase service credit in the system not to exceed five years for prior service between 1974 and 1989 rendered to an educational institution of higher education that receives direct appropriations from the Education Trust Fund but does not participate in the Teachers' Retirement System. The certification of prior service claimed under this section shall conform to applicable administrative rules and procedures of the Teachers' Retirement System. Members shall receive credit for the prior service when they remit to the system the contributions required by subsection (b). No member shall receive credit for any service for which the member is already credited within the system or any public retirement plan, with the exception...
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19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of a trustee, includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating to an individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later amended. (3) BENEFICIARY means a person that: (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power of appointment over trust property. (4) CHARITABLE TRUST means a trust, or portion of a trust, created for a charitable purpose described in Section 19-3B-405(a). (5) CONSERVATOR means a person appointed by the court to administer the estate of a minor or adult individual. (6) ENVIRONMENTAL LAW means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment. (7) GUARDIAN means a...
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40-9F-2
Section 40-9F-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) CERTIFIED HISTORIC STRUCTURE. A property located in Alabama which is certified by the Alabama Historical Commission as being individually listed in the National Register of Historic Places, eligible for listing in the National Register of Historic Places, or certified by the commission as contributing to the historic significance of a Registered Historic District. (2) CERTIFIED REHABILITATION. Repairs or alterations to a certified historic structure that is certified by the commission as meeting the U.S. Secretary of the Interior's Standards for Rehabilitation, or to non-historic structures built before 1936 which are certified by the commission as meeting the requirements contained in Section 47(c)(1)(a) and (b) of the Internal Revenue Code, as amended, or to a certified historic residential structure as defined in subdivision (4). (3) CERTIFIED HISTORIC RESIDENTIAL...
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