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45-37-123.100
Section 45-37-123.100 Retirement benefits. (a) Superannuation retirement benefit. (1) ELIGIBILITY.
A member shall be eligible for a superannuation retirement benefit if: a. The member has 30
or more years of paid membership time, regardless of age; b. The member has 10 or more years
of paid membership time and has attained the age of 60; or c. The member has 30 years of service,
20 years of which are paid membership time, and has attained the age of 55. (2) CALCULATION
OF BENEFIT. If a member meets the foregoing eligibility criteria, then the member shall be
eligible to retire and receive a monthly benefit for the remainder of his or her life to be
determined by the following formula: a. Two and one-half percent multiplied by the basic average
salary multiplied by the number of years of paid membership time; plus b. Five-eights of one
percent multiplied by the basic average salary multiplied by the number of years of unpaid
membership time, if applicable. (3) SEVENTY-FIVE PERCENT...
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16-25-11.15
Section 16-25-11.15 Purchase of credit for prior service with eligible employer under Employees'
Retirement System. (a)(1) Any person who, as of July 1, 1990, is an officer or a regular employee
of an employer participating in the Teachers' Retirement System and who has previously been
employed by another employer eligible for participation in the Employees' Retirement System
pursuant to Section 36-27-6, shall be eligible to receive creditable service for each year
of service previously rendered to another employer eligible for participation in the Employees'
Retirement System pursuant to Section 36-27-6, for up to eight years of creditable service,
provided, that the member claiming the credit shall have attained not less than 10 years of
contributing membership service credit, exclusive of military service credit under the Teachers'
Retirement System, and the member performs and complies with the condition prescribed in subdivision
(2). (2) A member of the Teachers' Retirement System...
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16-25-11.5
Section 16-25-11.5 Purchase of credit for employment in support personnel position. (a) Any
active and contributing member of the Teachers' Retirement System of Alabama shall be eligible
to receive up to five years of creditable service for employment in a support personnel position
in the State of Alabama, if the member claiming the credit has not less than 10 years of contributing
membership service exclusive of military service credit under the Teachers' Retirement System,
and the member performs and complies with the conditions prescribed in subsection (b) of this
section. (b) A member of the Teachers' Retirement System of Alabama eligible under subsection
(a) of this section may receive credit as provided in subsection (a) if as a condition precedent
to the receipt of the credit: (i) the member contributes prior to his or her date of retirement,
to the Teachers' Retirement System for each year of claimed service credit the full actuarially
determined cost for each year of service...
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12-17-227.4
Section 12-17-227.4 (Effective November 8, 2016, subject to contingencies) Service retirement
allowance. (a) Any 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 shall have completed 10 or more years
of membership service in the District Attorneys' Plan. (b) Any member who has attained age
62 and has previously withdrawn from service 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 shall have completed 10 or more years of membership service. (c) Upon retirement from
service, the member shall receive a service retirement allowance which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/12-17-227.4.htm - 1K - Match Info - Similar pages
36-27-54
Section 36-27-54 Purchase of credit by certain employees of Alabama State Docks Terminal Railway;
waiver of federal railroad retirement benefits; termination date. (a) Any law to the contrary
notwithstanding, any member of the Employees' Retirement System of Alabama who has 10 or more
years of creditable service in the Employees' Retirement System of Alabama immediately prior
to October 1, 1990 and who is employed by the State of Alabama at the time this bill becomes
law, may hereby claim and purchase credit within the Employees' Retirement System of Alabama
for all the time which such member has served as an employee of the Alabama State Docks and
was paid through the Alabama State Docks Terminal Railway payroll and for which he is not
otherwise eligible for credit in the Employees' Retirement System or any other retirement
plan funded in whole or in part by the state except under the United States Social Security
Act. (b) Any member eligible to claim and purchase such credit for...
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16-25-150
Section 16-25-150 Participation in plan. (a) As governed by this subsection, there exists as
a part of this retirement system an optional account known as the Deferred Retirement Option
Plan, which may be cited as "DROP." The purpose of DROP is to allow, contractually,
in lieu of immediate withdrawal from service and receipt of a retirement allowance, continued
employment for a specific period of time, coupled with the deferral of receipt of a retirement
allowance until the end of the period of participation, at which time the member shall withdraw
from service. (b) Participation in DROP is an option available to any member of this retirement
system who meets all of the following requirements: (1) Has at least 25 years of creditable
service exclusive of sick leave. (2) Is at least 55 years of age. (3) Is eligible for service
retirement. (c) An election to participate in DROP may be made in one year increments not
to exceed five years, nor to be less than three years. A member may...
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16-25-11.9
Section 16-25-11.9 Purchase of credit for employment as court reporters, school support personnel,
or local mental health authority workers. (a) Any active and contributing member of the Teachers'
Retirement System of Alabama who, prior to October 1, 1993, was a regular full-time employee
as an official court reporter with a circuit court in the state or a full-time employee of
a local mental health authority or school support personnel, shall be eligible to receive
credit for such employment provided that the member claiming the credit shall have worked
not less than 10 consecutive years as an official court reporter, and complies with the conditions
prescribed in subsection (b). (b) A member eligible under subsection (a) may receive credit
for regular, full-time employment rendered as an official court reporter with a circuit court
in the state or service rendered to a local mental health authority provided that as conditions
precedent to the receipt of credit: (1) The member...
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16-25-151
Section 16-25-151 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 16-25-14, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (g) of Section 16-25-14. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, the...
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36-27-171
Section 36-27-171 Withdrawal from service; death of participant. (a) On withdrawing from service
pursuant to Section 36-27-16, a member who participated in DROP: (1) Who fulfilled his or
her contractual obligation pursuant to DROP shall receive a lump-sum payment from his or her
DROP account equal to the payments made to that account on his or her behalf plus interest.
Further, the member shall receive his or her accumulated contribution made during participation
in DROP, together with interest for the period of DROP participation as provided in subdivision
(1) of subsection (c) of Section 36-27-16. In lieu of a lump-sum payment from the DROP account,
to the extent eligible under applicable tax laws, the member's total accrued benefit may be
"rolled over" directly to the custodian of an eligible retirement plan. The member
shall also begin receiving his or her monthly benefit which had been paid directly into the
DROP account during his or her participation in DROP. However, if...
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36-26-36.1
Section 36-26-36.1 Conversion of unused sick leave into membership service for retirement purposes.
(a) Any Tier I plan member of the Teachers' or Employees' Retirement System of Alabama not
otherwise covered by a provision to convert unused sick leave into membership service for
purposes of service retirement may, at their option and in lieu of receiving payment for 50
percent of their accrued and unused sick leave at the time of their retirement as provided
in Section 36-26-36, or any other payment that may be provided for such unused sick leave,
use their accrued sick leave, up to a maximum number of 180 accrued sick leave days or as
otherwise allowed by law, whichever is greater, to be included as membership service in determining
the total years of creditable service in the Employees' Retirement System of Alabama or the
Teachers' Retirement System of Alabama; provided that no employee of an employer participating
in the Employees' Retirement System pursuant to Section 36-27-6...
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