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45-37-123.194
Section 45-37-123.194 Prohibition against diversion of funds. (a) Except as provided below
and otherwise specifically required by law, it shall be impossible by operation of the plan
or of the trust agreement, by termination of either, by power of revocation or amendment,
by the happening of any contingency, by collateral arrangement, or by any other means, for
any part of the corpus or income of any trust fund maintained pursuant to the plan or any
funds contributed thereto to be used for, or diverted to, purposes other than the exclusive
benefit of members, former members, or their beneficiaries; and no funds of the system, whether
in cash, securities, or otherwise, nor any income or yield thereof, shall be subject to or
exacted on account of, any tax; and no retirement or disability allowance or right to return
of contributions, or other benefits payable as set forth in the plan, shall be assignable
or be subject to execution, levy, attachment, garnishment, or other legal process....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.194.htm - 3K - 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...
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45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms shall
have the following meanings: (1) ACT. The act adding this part, to be called the General Retirement
System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual who currently
is employed by the county or other entities set forth in subdivision (20) and is making employee
contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30, 1984, or such other
dates as set forth in Exhibit A, which is maintained in the office of the pension board, a
form of benefit differing in time, period, or manner of payment from a specific benefit provided
under the plan but having the same value when computed using the mortality tables, the interest
rate, and any other assumptions last adopted by the pension board, which assumptions shall
clearly preclude any discretion in the determination of the amount of a member's benefit.
(4) ACTUARIAL GAIN. As defined in Section...
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16-25-1
Section 16-25-1 Definitions. For the purposes of this chapter the following terms, unless a
different meaning is plainly required by the context, shall have the following respective
meanings: (1) RETIREMENT SYSTEM. The Teachers' Retirement System of Alabama as defined in
Section 16-25-2. (2) PUBLIC SCHOOL. Any day school conducted within the state under the authority
and supervision of a duly elected or appointed county or city board of education and any educational
institution supported by and under the control of the state or any private nondenominational
school operated nonprofit for the education of children of school age residing within a district
where no public school is available for the children. (3) TEACHER. Any teacher, principal,
superintendent, supervisor, college professor, administrative officer, or clerk employed in
any public school or public college within the state or employed in any private nondenominational
school operated nonprofit for the education of children of...
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36-27-16
Section 36-27-16 Retirement, etc., of employees; retirement allowances. (a)(1) RETIREMENT,
ETC., OF EMPLOYEES GENERALLY; ELIGIBILITY FOR SERVICE RETIREMENT BENEFITS. a. Any Tier I plan
member who withdraws from service upon or after attainment of age 60 and any Tier II plan
member who withdraws from service upon or after attainment of age 62 may retire upon written
application to the Board of Control setting forth at what time, not less than 30 days nor
more than 90 days subsequent to the execution and filing thereof, he or she desires to be
retired; provided, that any such member who became a member on or after October 1, 1963, shall
have completed 10 or more years of creditable service; provided further, that a Tier I plan
member employed as a state policeman shall be eligible to file application for service retirement
upon attaining age 52 and a Tier II plan member employed as a state policeman or employed
as a correctional officer, firefighter, or law enforcement officer as defined...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-16.htm - 34K - Match Info - Similar pages
45-37-123.170
Section 45-37-123.170 Termination. In the event that the Legislature takes appropriate action
to terminate the plan, or in the event of a partial termination of the plan, all amounts shall
be allocated in accordance with the provisions hereof and the accrued benefit, to the extent
funded as of such date, of each affected member shall become fully vested and shall not thereafter
be subject to forfeiture. However, members who were not fully vested at the time they received
a complete distribution of their vested benefits prior to the date of termination, shall not
become entitled to any additional vested benefits on account of plan termination. The preceding
sentence does not apply to members affected by a partial termination by operation of law.
Upon full termination of the plan, the county shall direct the distribution of the assets
in the trust fund to the members. In such case, the trustee shall distribute the assets to
the remaining members in the plan and to retired members in cash...
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45-49A-63
Section 45-49A-63 Definitions. As used in this part, the following words and terms shall have
meanings as follows: (1) ANNUITY STARTING DATE. The first day for which a benefit is payable
as an annuity or any other form under Section 45-49A-63.80. (2) BENEFICIARY. The person or
persons named by a member by written designation filed with the board to receive payments
under this plan after the member's death. The member may not change his or her beneficiary
after his or her annuity starting date. If no beneficiary designation is in effect at the
member's death, or if no person so designated survives the member, the member's surviving
spouse, if any, shall be deemed to be the beneficiary, otherwise the beneficiary shall be
the member's estate. (3) BOARD. The Police and Fire Pension Board as constituted under Section
45-49A-63.120, or its delegate. (4) BREAK IN SERVICE. A period of absence which would constitute
a break in the member's service under the Mobile County Personnel Board rules;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-63.htm - 6K - Match Info - Similar pages
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....
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45-37-123.150
Section 45-37-123.150 Amendments. (a) The pension board shall have the right at any time to
amend the plan, subject to the limitations of this section. Any amendment shall be consistent
with the act, any other legislation relating to the system, or consistent with other authority
granted to the pension board. Additionally, in the event that the Legislature amends the act
or makes other statutory changes that impact the terms of the plan, the pension board shall
cause the plan to be amended as necessary to reflect such legislation. The pension board,
and each of its individual members, when acting in its or their official capacity, shall be
immune from civil liability against the claims of any individual, member, or other entity
of any nature whatsoever arising out of the pension board's or its members' administration
of the plan or related to its decisions or actions, which decisions or actions were made in
good faith, without malice, and predicated upon information that was then...
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36-27-24
Section 36-27-24 Funds for assets of retirement system - Creation; composition; disposition
of funds; appropriations. (a) Effective October 1, 1997, all the assets of the retirement
system shall be credited according to the purpose for which they are held among three funds,
namely, the Annuity Savings Fund, the Pension Accumulation Fund, and the Expense Fund. The
operation of the former Pension Reserve Fund and the Annuity Reserve Fund shall be discontinued
as of such date and the balance of the former Pension Reserve Fund shall be transferred to
the Pension Accumulation Fund, and the balance of the former Annuity Reserve Fund shall be
transferred to the Pension Accumulation Fund. (b) Annuity Savings Fund. The Annuity Savings
Fund shall be a fund in which shall be accumulated contributions from the compensation of
members to provide for their annuities. Contributions to and payments from the Annuity Savings
Fund shall be made as follows: Effective October 1, 1971, each employer shall...
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