45-37-123.21
Section 45-37-123.21 Designation of administrative authority. (a) General administration. The role of the pension board is established by the State of Alabama through legislative act. The pension board is responsible for the general administration and proper operation of the plan. The pension board also is responsible for making effective the provisions of the act. (b) Composition of pension board. The pension board is comprised of five members, designated respectively as member number one, member number two, member number three, member number four, and member number five. (1) MEMBER NUMBER ONE. Member number one shall be appointed by the governing body of the county and shall serve as chairman of the pension board. Member number one shall have a minimum of 10 years' experience in an executive capacity in insurance, investment management/consultant, or actuarial work. The initial term of member number one shall be for one year; and thereafter the term of member number one shall be for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.21.htm - 5K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.01.htm - 27K - Match Info - Similar pages
45-37A-51.08
Section 45-37A-51.08 Retroactive Deferred Retirement Option Plan. (a) A member who retires at least 90 days following the effective date of this section, who has then completed at least 26 years, but less than 30 years, of credited service, and who is otherwise entitled to retire and receive a monthly retirement allowance under the supplemental pension system, shall have the opportunity to elect a Back DROP plan. A member eligible for the Back DROP plan may elect, in writing at his or her retirement to retroactively drop his or her credited service in excess of 23 years, for a period of months not exceeding 36 months immediately preceding the date of retirement, the Back DROP period. A member who is not actively employed may not make a Back DROP election to be effective, a Back DROP election by a married member shall be approved in writing by his or her spouse. (b) Notwithstanding subsection (a) and subsection (d) of Section 45-37A-51.07 in effect as of the date of the member's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.08.htm - 4K - Match Info - Similar pages
45-37A-51.196
Section 45-37A-51.196 Retirees of firefighters' and police officers' supplemental pension system. In the event of the retirement of a police officer or a firefighter from a supplemental pension system, as established by Subpart 1, with 20 or more but less than 30 years of credited service under the system, this system shall receive from the supplemental pension system the monthly payments required to be paid from the system to this system from the police officer or firefighter's retirement date thereunder until the date he or she would have been entitled to retire under this system with 30 years of credited service had such police officer or firefighter continued to serve without retiring and without interruption as a participant in this system. The city shall then match the contributions from its general fund or other appropriate funds making the matching contributions to the fund within 30 days from the date of receipt of those funds which are to be matched. (Act 2006-339, p. 851,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.196.htm - 1K - Match Info - Similar pages
40-3-7
Section 40-3-7 Term of service and schedule of compensation of members. The annual term of service and compensation of members of the several county boards of equalization shall be on a basis of total assessed value of all taxable property, using the year 1955 as the basis, to be determined as follows: (1) In those counties in which the total assessed value of all taxable property exceeds $600,000,000 according to the tax assessor's abstract of assessments for the year, except in a county subject to subdivision (2), the members of the county boards of equalization shall serve on a full-time basis, and each associate member shall be paid at the rate of $19,425 per annum, and the chair shall be paid at the rate of $21,090 per annum, payable in monthly installments. (2)a. This subdivision shall apply to any county of this state which has a population of 600,000 or more according to the last or any subsequent federal census and in which the total assessed value of all taxable property...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-3-7.htm - 6K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/36-27-24.htm - 15K - Match Info - Similar pages
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
16-25-14
Section 16-25-14 Retirement of members; benefits generally. (a)(1) 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, or in the case of a Tier II plan member who is a correctional officer, firefighter, or law enforcement officer as defined in Section 36-27-59, who withdraws from service upon or after attainment of age 56 with at least ten years of creditable service as a correctional officer, firefighter, or law enforcement officer 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. (2) Any Tier I plan member who has attained age 60 and any Tier II plan member who...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-14.htm - 23K - Match Info - Similar pages
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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-1.htm - 8K - Match Info - Similar pages
|