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16-25-11.3
Section 16-25-11.3 Purchase of credit by employees of junior colleges and technical colleges
for leave of absence. (a) All employees of state junior colleges and state technical colleges
who have been in such service for five years or more and who are participating in the Teachers'
Retirement System of Alabama on May 4, 1989, may elect to purchase credit for any time they
were on leave of absence from such service between the dates of March 30, 1984, and July 1,
1986. (b) Any employee electing to purchase credit pursuant to subsection (a) of this section
shall pay to the Secretary-Treasurer within one year after May 4, 1989, a lump sum payment
equal to a percentage of the current annual salary of such person; the applicable percentage
shall be the sum of the prevailing percentage rates of employer and member contributions as
required by the most recent actuarial valuation. (Acts 1989, No. 89-538, p. 1126, ยงยง1, 2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-11.3.htm - 1K - Match Info - Similar pages
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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27-15-53
Section 27-15-53 Requirements for death master file comparisons. (a) An insurer shall perform
a comparison of its insureds' in-force life insurance policies, annuity contracts, and retained
asset accounts against a death master file, to identify potential death master file matches
of its insureds. Such comparison shall be completed by January 1, 2019. Thereafter, an insurer
shall maintain a program designed to compare each such policy, contract, or account with a
death master file no less frequently than every three years, it being the intent that insurers
fashion a program that best fits their business systems while at the same time protecting
consumers by assuring reasonable checks are being performed to identify unreported deaths.
For those potential death master file matches identified as a result of a death master file
comparison, the insurer shall do all of the following: (1) Within 90 days of a death master
file match: a. Complete a commercially reasonable effort, which shall be...
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36-27-56
Section 36-27-56 Granting of credit for service as county solicitor - Sum to be paid into retirement
system to purchase credit for service. (a) Any active and contributing member of any member
unit of the State of Alabama retirement systems who has been such a member for at least one
year may hereby claim and purchase credit in his or her respective member unit of the State
of Alabama retirement systems for service rendered to any county government as a county solicitor.
Such retirement systems member shall be allowed to purchase such prior service for a period
of prior service time not to exceed eight years' total service as county solicitor. (b) Any
member eligible to claim and purchase credit for such county service under subsection (a)
shall be awarded such credit under such member unit of the Retirement Systems of Alabama provided
he or she shall pay into his or her respective retirement system fund prior to said member's
date of retirement and not later than October 1, 1993, a...
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36-27-55.3
Section 36-27-55.3 Purchase of credit for prior service as a welcome center employee. (a) An
active and contributing member of the Employees' Retirement System, who is also a vested member
of the system, may purchase service credit in the system not to exceed five years for any
period of prior service while he or she was employed at a welcome center for the state while
employees of the welcome centers were not allowed to be members of the system. The Board of
Control of the Employees' Retirement System shall adopt rules and regulations for the administration
of this section including verification of the prior service for which the member desires to
purchase credit in the system. The member shall receive credit for the service when he or
she remits to the system the contributions required by subsection (b). Notwithstanding the
foregoing language, no member of the Employees' Retirement System shall be eligible to receive
credit for any period of time for which the member is already...
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45-37-123.132
Section 45-37-123.132 Adjustments to annual benefit and limitations. (a) Adjustment if fewer
than 10 years. Effective for limitation years ending after December 31, 2001, if a member
has fewer than 10 years of participation in the plan, then the defined benefit dollar limitation
of Section 45-37-123.131(a) shall be multiplied by a fraction, the numerator of which is the
number of years, or part thereof, of participation in the plan, and the denominator of which
is 10. However, in no event shall such fraction be less than one-tenth. Notwithstanding the
foregoing, no adjustment shall be made to the defined benefit dollar limitation for a distribution
on account of a member becoming disabled by reason of personal injuries or sickness, or as
a result of the death of a member. For purposes of this subsection, a year of participation
means each accrual computation period for which the following conditions are met: The member
is credited with a period of service for benefit accrual purposes,...
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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...
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45-49A-60
Section 45-49A-60 Retirement benefits. (a) This section shall apply to any municipality in
the State of Alabama having a population, according to the latest federal census, between
175,000 and 225,000 persons. (b) Any elected official of any such municipality who previously
has served, or who is presently serving, or who in the future may serve as such elected official,
and serves for a period of not less than 12 years, shall be paid a retirement benefit equal
to 30 percent of the average compensation he or she received as a salary during the five highest
paid years which he or she served as such elected official, which benefit shall be payable
monthly. (c) Any elected official of any such municipality who previously has served, or who
is presently serving, or who in the future may serve as such elected official, and serves
for a period of not less than 16 years, shall be paid a retirement benefit equal to 40 percent
of the average compensation he or she received as a salary during the...
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16-25-11.8
Section 16-25-11.8 Purchase of credit for time on leave from service without pay due to adoption
requirements. (a) Any provisions of Chapter 25 of this title, to the contrary notwithstanding,
active and contributing members of the Teachers' Retirement System may purchase service credit
in the system not to exceed one year for any period of time that they were required to be
on leave from service without pay to comply with any state adoption law or regulation requiring
a prospective adopting parent to stay home from work until the adoption process was finalized.
The Board of Control of the Teachers' Retirement System shall adopt rules and regulations
for the administration of this section including verification of the service that the member
desires to purchase credit for in the system. The member shall receive credit for the service
when he or she remits to the system the contributions required by subsection (b). Notwithstanding
the foregoing language, no member of the Teachers'...
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16-25-3
Section 16-25-3 Membership; membership credit for service in armed forces of United States;
deferred benefits. (a) The membership of the retirement system shall consist of the following:
All persons who shall become teachers after the date of establishment shall become members
of the retirement system as a condition of their employment. Any person who is a teacher on
the date of establishment shall become a member as of that date unless within a period of
90 days next following such teacher shall file with the Board of Control on a form prescribed
by the board a notice of his election not to be covered in the membership of the system and
a duly executed waiver of all present and prospective benefits which would otherwise inure
to him on account of his participation in the retirement system. (b) A teacher in service
on October 1, 1973, whose membership in the retirement system was contingent on his own election
and who elected not to become a member may thereafter apply for and be...
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