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41-10-45.1
Section 41-10-45.1 Definitions. The following words and phrases shall have the following meanings
when used in this article: (a) AUTHORITY. The State Industrial Development Authority, a public
corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter.
(b) DEPARTMENT. The Alabama Department of Commerce. (c) ELIGIBLE BORROWER. A municipality,
county, industrial development authority organized under Chapter 92A of Title 11, industrial
development board organized under Article 4, Chapter 54 of Title 11, or nonprofit organization
organized to foster economic development and described in Section 501(c) of the Internal Revenue
Code of 1986, as in effect from time to time. (d) ELIGIBLE EXPENSES. Expenses relating to
land acquisition, site preparation or development, building improvements, building construction,
building renovations, infrastructure, and any other real or personal property deemed necessary
or useful in connection therewith. (e) ELIGIBLE...
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45-37A-51.249
Section 45-37A-51.249 Heroes Earnings Assistance and Relief Tax Act of 2008 provisions. In
the case of a death or disability occurring on or after January 1, 2007, if a participant
dies while performing qualified military service, as defined in § 414(u), Internal Revenue
Code, the survivors of the employee are entitled to any additional benefits, other than benefit
accruals relating to the period of qualified military service, provided under the plan as
if the participant had resumed and then terminated employment on account of death. (Act 2011-585,
p. 1289, §7.)...
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45-8A-22.115
Section 45-8A-22.115 Compensation for purposes of benefit calculations. (a) Compensation. For
purposes of calculating contributions to the plan in accordance with Section 45-8A-22.109
and benefits paid under the plan in accordance with Section 45-8A-22.113, Section 45-8A-22.116,
and Section 45-8A-22.119, "compensation" shall include all of the following amounts:
(1) Regular salary, including accumulated vacation pay. (2) Overtime pay. (3) Longevity pay.
(4) Comp pay. (5) Any differential wage payment, as defined in Code Section 3401(h)(2), generally
relating to military pay. Bonuses and paid accumulated sick leave, expense allowances, and
any other non-regular forms of compensation are excluded. (b) Compliance with Internal Revenue
Code Section 401(a)(17). Compensation of each participant taken into account in determining
benefit accruals in any plan year beginning after December 31, 2001, shall not exceed two
hundred thousand dollars ($200,000), or such other amount provided in the...
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16-25A-40
Section 16-25A-40 Legislative findings. The Legislature finds that private employers have provided
their employees with flexible employee benefit plans which provide a savings both to the employer
and the employee, and that the State of Alabama, its departments and agencies, may provide
the same tax-effective benefits to its public education employees. It is, therefore, the intent
of the Legislature to provide for the establishment of one statewide, universal "cafeteria
plan" or flexible employee benefit plan to be made available to all employees in public
education in compliance with the Internal Revenue Code of 1986, and to implement the plan
in accordance with the rules and regulations established by the Public Education Flexible
Employees' Benefit Board created by this article. (Act 2004-650, 1st Sp. Sess., p. 31, §1.)...
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19-3D-14
Section 19-3D-14 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. PROTECTION OF CHARITABLE
INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE
CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently,
periodically, on the occurrence of a specified event, or after the passage of a specified
time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL.
Not subject to the occurrence of a specified event that is not certain to occur, other than
a requirement in a trust instrument that a charitable organization be in existence or qualify
under a particular provision of the United States Internal Revenue Code of 1986, as amended,
on the date of the distribution, if the charitable organization meets the requirement on the
date of determination. (b) If a first trust...
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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...
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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...
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27-36A-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a) This section
shall apply to all annuity and pure endowment contracts other than group annuity and pure
endowment contracts 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.
(b) Reserves according to the commissioner's annuity reserves method for benefits under annuity
or pure endowment contracts, excluding any disability and accidental death benefits in the
contracts, shall be the greatest of the respective excesses of the present values, at the
date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits,
provided for by the contracts at the end of...
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36-29-21
Section 36-29-21 Definitions. When used in this article, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) BOARD. The Flexible
Employees Benefits Board. (2) EMPLOYEE. A person who is employed by the State of Alabama,
its agencies, departments, or for a county health department, and who receives his compensation
through means of a state warrant drawn upon the State Treasury, or by check drawn by the Alabama
State Port Authority, or from the treasury of the Department of Mental Health, other than
those employees covered by the federal Railroad Retirement Act. Further, for the purposes
of long-term care insurance, this definition covers any person employed by a local government
in the State of Alabama. (3) INTERNAL REVENUE CODE. The Internal Revenue Code of 1986, as
amended. (4) PARTICIPATING EMPLOYEE. An employee who elects to participate in the flexible
benefit plan and meets the requirements set forth in said plan. (5) SALARY...
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40-14A-1
Section 40-14A-1 Definitions. For purposes of this chapter, the following terms shall mean:
(a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160. (b) C CORPORATION.
A corporation other than an Alabama S corporation. (c) CODE. The Internal Revenue Code of
1986, as amended from time to time. (d) CORPORATION. An entity, including a limited liability
company electing to be taxed as a corporation for federal income tax purposes, through which
business can be conducted while offering limited liability to the owners of the entity with
respect to some or all of the obligations of the entity, other than a limited liability entity
or a disregarded entity. The term "corporation" shall include but not be limited
to the following: Corporations, professional corporations, joint stock companies, unincorporated
professional associations, real estate investment trusts, limited liability companies electing
to be taxed as corporations for federal income tax purposes, and all...
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