36-27-170
Section 36-27-170 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 such 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: (1) Has at least 25 years of creditable service exclusive of sick leave. (2) Is at least 55 years of age, or in the case of a state police member, is at least 52 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...
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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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16-25-42
Section 16-25-42 Persons in the Employees' Retirement System whose date of retirement is prior to October 1, 1987 or beneficiaries of deceased members or retirees entitled to cost-of-living increases. (a) There is hereby provided, commencing October 1, 1988 to certain persons identified in subsection (b) herein, whose effective date of retirement for purposes of receiving benefits from the Employees' Retirement System is prior to October 1, 1987 and to certain beneficiaries of deceased members and deceased retirees, provided the effective date of retirement or death for such deceased retiree or deceased member for purposes of receiving benefits from the Employees' Retirement System was prior to October 1, 1987 and who is receiving a monthly allowance from the Employees' Retirement System a cost-of-living increase as follows: (1) One dollar per month for each year of service attained by said retiree for each retiree selecting the maximum retirement allowance or Option 1. (2) One dollar...
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36-27-17
Section 36-27-17 Redetermination of allowances due on or after October 1, 1975. (a) All retirement allowance payments due on or after October 1, 1975, to members who retired prior to said date shall be redetermined as if the provisions of Acts 1975, No. 1103, amending Section 36-27-1, were in effect at the time the member retired; provided, that the annual retirement allowance of any member not employed as a state policeman who retired on or before January 1, 1956, shall not be less than $79.20 multiplied by the number of years of his creditable service not in excess of 30 years, in the case of service retirement, or $59.40 multiplied by the number of years of his creditable service not in excess of 30 years, in the case of disability retirement. Any increase provided in the retirement allowance payment under this section for a member who retired under the provisions of any optional benefit elected pursuant to subsection (d) of Section 36-27-16 shall accrue only to the retired member,...
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12-17-147
Section 12-17-147 Return of contributions upon termination of service. Should the service of the circuit clerk or register be terminated for any reason other than death prior to the time he is entitled to receive supernumerary benefits under this division, such circuit clerk or register shall have the right to elect to withdraw from the supernumerary fund and to have refunded his contributions plus accrued interest thereon under the same rules, regulations and rates applicable to similar refunds of contributions under the Employees' Retirement System of Alabama. If service is terminated by death, the refund on contributions and accrued interest is payable to the clerk's or register's designated beneficiary. If a circuit clerk or register who has assumed supernumerary status dies prior to receiving supernumerary benefits equal to his total contributions plus accrued interest thereon which was credited to the member's individual account at the time of assuming supernumerary status, the...
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16-25-13.1
Section 16-25-13.1 Purchase of credit for service at Athens State University and state junior colleges; procedure. (a) All employees of state junior colleges and Athens State University who are participating in the Teachers' Retirement System of Alabama on July 22, 1987, may elect to purchase credit for their total years of service rendered to such employer prior to the time said employer was covered by the Teachers' Retirement System of Alabama, up to a maximum of five years. (b) Any employee electing to purchase credit pursuant to subsection (a) shall pay to the Secretary-Treasurer within one year after October 1, 1987, a lump sum payment equal to a percentage of his or her then earnable compensation; the applicable percentage shall be the sum of the prevailing percentage rates of employer and member contributions as required by the actuarial valuations during the years for which such person is purchasing prior service credit. (Acts 1987, No. 87-564, p. 881, ยงยง 1, 2.)...
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45-37A-51.232
Section 45-37A-51.232 Firefighters' and police officers' supplemental pension survivors pension. Effective as of July 1, 2002, in the event a firefighter or police officer retires under the supplemental pension system established by Subpart 1, after having accumulated 20 years of credited service under the system and shall die prior to the date on which the participant would have accumulated 30 years of credited service under this system had he or she not retired but had he or she continued in employment with the city, without interruption, as a firefighter or police officer, the participant's survivor or survivors shall not receive any benefit therefrom. However, should the retired firefighter or police officer die subsequent to the date on which he or she would have accumulated 30 years of credited service hereunder, and should the retiree or participant be survived by a spouse to whom he or she was legally married at the time of the retiree's or participant's death, regardless of...
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16-25-11.10
Section 16-25-11.10 Purchase of credit for prior service rendered to employer who may join system pursuant to Section 16-25-10.7 but has not elected to participate. (a) Active and contributing members of the Teachers' Retirement System may claim and purchase service credit in the system not to exceed eight years for any period of prior service while they were full-time employees of an employer who is authorized to join the system pursuant to Section 16-25-10.7, but has not elected to participate. The certification of any prior service claimed by the members 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). Notwithstanding the foregoing, no member of the system shall receive credit for any service that the member is already credited with in the system or any other public retirement plan, with...
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16-25-11.4
Section 16-25-11.4 Purchase of credit for prior service rendered as full-time employee in office of clerk of circuit court or with Alabama State Employees Association. (a) Any acting and contributing member of the Teachers' Retirement System of Alabama may elect to purchase credit for prior service rendered as a full-time employee in the office of a clerk of the circuit court in the State of Alabama or as a full-time employee with the Alabama State Employees Association provided the member complies with the following conditions prescribed in this section. (b) Any employee electing to purchase credit under subsection (a) of this section shall pay to the Secretary-Treasurer of the Teachers' Retirement System within one year after October 1, 1995, a lump sum payment equal to a percentage of the current annual salary or final average compensation, whichever is greater, of the member. The applicable percentage shall be the sum of the prevailing percentage rates of employer and member...
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45-37A-51.224
Section 45-37A-51.224 Involuntary retirement. (a) In the event a participant shall be involuntarily retired after having completed 20 or more years of credited service prior to attaining the age of 60 years, such participant shall be entitled to a monthly retirement benefit equal to the product of the final average salary multiplied by the applicable percentage rate determined at the date of termination, multiplied by such participant's years of credited service. Should the participant be involuntarily retired prior to attaining age 60 his or her entitlement to the monthly retirement benefit, at this retirement date, shall additionally require that within 60 days of the involuntary retirement the agency governing tenure of service of city employees certify in writing to the board that such employee has not contributed by his or her own fault or misconduct to the separation from service. Should such certification not be made within the prescribed time, the monthly retirement benefit...
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