45-8A-22.124
Section 45-8A-22.124 Eligible rollover distribution; direct rollover. (a) Rollovers Generally. (1) Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the retirement board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (2) Definitions. a. Eligible Rollover Distribution. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: 1. Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life, or life expectancy, of the distributee or the joint lives, or joint life expectancies, of the distributee and the distributee's designated...
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45-37-123.108
Section 45-37-123.108 Direct rollovers. Except as otherwise specifically provided in this section, this section shall be effective as of January 1, 1993. (1) ROLLOVERS GENERALLY. a. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, a distributee, at the time and in the manner prescribed by the pension board, may elect to have any portion of an eligible rollover distribution that is equal to at least two hundred dollars ($200) paid directly to an eligible retirement plan specified by the distributee in a direct rollover. b. For purposes of this subdivision, the following definitions shall apply: 1.(i) An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.108.htm - 6K - Match Info - Similar pages
45-37A-51.09
Section 45-37A-51.09 Compensation limits; forfeitures; required minimum. (a) Compensation in excess of one hundred sixty thousand dollars ($160,000), or such other amount provided in the Internal Revenue Code of 1986, as amended, shall be disregarded. Such amount shall be adjusted for increases in the cost-of-living in accordance with Section 401(a)(17)(B), except that the dollar increase in effect on January 1 of any calendar year shall be effective for the fiscal years beginning with or within such calendar year. If compensation for any prior determination period is taken into account in determining a participant member's benefits for the current fiscal year, the compensation for such prior determination period is subject to the applicable annual compensation limit in effect for that prior period. (b) Notwithstanding the foregoing and to the extent applicable to governmental plans as such are defined in Section 414(d) of the Internal Revenue Code of 1986, as amended, in no event may...
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45-37-123.109
Section 45-37-123.109 Participant distribution notice. (a) The pension board shall during the 30 to 180 day period before making an eligible rollover distribution, provide a written explanation to the recipient: (1) Of the provisions under which the recipient may have the distribution directly transferred to an eligible retirement plan and that the automatic distribution by direct transfer applies to certain distributions in accordance with § 401(a)(31)(B), Internal Revenue Code; (2) Of the provision which requires the withholding of tax on the distribution if it is not directly transferred to an eligible retirement plan; (3) Of the provisions under which the distribution shall not be subject to tax if transferred to an eligible retirement plan within 60 days after the date on which the recipient received the distribution; (4) If applicable, of the provisions of §§ 402(d) and 402(e), Internal Revenue Code; (5) Of the provisions under which distributions from the eligible retirement...
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45-37A-51.248
Section 45-37A-51.248 Direct rollovers. (a) Notwithstanding any provision of this subpart to the contrary that would otherwise limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution that is equal to at least five hundred dollars ($500) paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (b) For purposes of this section the following definitions shall apply: (1) ELIGIBLE ROLLOVER DISTRIBUTION. Any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life, or life expectancy, of the distributee or the joint lives, or joint life expectancies, of the distributee and the distributee's designated...
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19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term includes: (i) any arrangement providing for the payment to the employer or other sponsor of such plan of benefits that otherwise would be due the participant under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable, whereby any person acquires from a participant or beneficiary of such plan a right or interest enforceable against the plan in, or to, all or any part of a plan benefit which is, or may become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the operation of any bankruptcy or insolvency laws under 11 U.S.C. § 522(b) as from...
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45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE. Except as otherwise provided herein, the provisions of this section shall apply for purposes of determining required minimum distributions for calendar years beginning on and after January 1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required under this section shall be determined and made in accordance with § 401(a)(9), Internal Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements of the plan, the requirements of this section shall take precedence over any inconsistent provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE. The member's entire interest shall be distributed, or begin to be distributed, to the member no later than the member's required beginning date. (2) DEATH OF MEMBER...
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45-8A-22.118
Section 45-8A-22.118 Maximum benefits; limitations; adjustments. (a) Annual Benefit and Final Regulations Under Internal Revenue Code Section 415. (1) Annual Benefit. For purposes of this section, "annual benefit" means the benefit payable annually under the terms of the plan, exclusive of any benefit not required to be considered for purposes of applying the limitations of Internal Revenue Code Section 415 to the plan, in the form of a straight life annuity with no ancillary benefits. If the benefit is payable in any other form, the annual benefit shall be adjusted to the equivalent of a straight life annuity pursuant to subsection (c). (2) Final Regulations Under Internal Revenue Code Section 415. Notwithstanding anything in this section to the contrary, the following provisions apply beginning on or after January 1, 1976, except as otherwise provided in this section. a. Incorporation by Reference. The limitations, adjustments, and other requirements prescribed in the plan shall...
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45-49A-63.84
Section 45-49A-63.84 Direct rollover of certain distributions. (a) Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this subpart, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (b) The following definitions apply to the terms used in this section. (1) An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life, or life expectancy, of the distributee or the joint lives, or joint life expectancies, of the distributee and the distributee's designated beneficiary, or for a specified...
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26-1A-215
Section 26-1A-215 Retirement plans. (a) In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code: (1) an individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. Section 408, as amended; (2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, as amended; (3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), as amended; (4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), as amended; (5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section...
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