16-33C-10
Section 16-33C-10 ACES Program generally. (a) The ACES Program is established as one college savings alternative under the plan whereby contributors open ACES savings accounts according to savings agreements for the payment of qualified higher education costs for a designated beneficiary at eligible educational institutions, terms as defined in Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law. The ACES Program includes the ACES Trust Fund, the ACES Administrative Fund, and the ACES Opportunity Enhancement Fund created pursuant to this chapter. The ACES Program may be marketed under a different name than ACES. (b) The ACES Trust Fund is hereby created and shall be comprised of separate ACES savings accounts held in segregated accounts as established by savings agreements. Funds contributed to the ACES savings accounts established pursuant to the ACES Program are held in trust by the Savings Board for the sole benefit of the contributor and...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - Match Info - Similar pages
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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45-37A-51.221
Section 45-37A-51.221 Minimum and maximum normal retirement benefit. (a) The minimum retirement benefit payable under Section 45-37A-51.220 shall be four hundred dollars ($400) per month. The maximum normal retirement benefit payable under Section 45-37A-51.220 shall be 75 percent of final average salary, exclusive of sick leave bonus. Notwithstanding the foregoing and to the extent applicable to governmental plans as defined in § 414(d), Internal Revenue Code, in no event may the normal retirement benefit exceed the annual dollar limits imposed by § 415(b), Internal Revenue Code, excluding contributions under § 414(h)(2), Internal Revenue Code. Further, no post severance compensation shall be included for any benefit hereunder. Post severance compensation means amounts paid by the later of: (1) Two and one-half months after an employee's severance from employment with the employer, or (2) the end of the limitation year that includes the date of severance from employment with the...
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45-37A-51.247
Section 45-37A-51.247 Required minimum distributions. (a) Notwithstanding any provision in this subpart to the contrary, the distribution of a participant's benefits shall be made in accordance with the following requirements and shall otherwise comply with § 401(a)(9), Internal Revenue Code, and the regulations thereunder, including Regulation 1.401(a)(9)(2), which is incorporated herein by reference: (1) A participant's benefits shall be distributed or shall begin to be distributed not later than April 1st of the calendar year following the later of the calendar year in which the participant attains age 70 1/2 or the calendar year in which the participant retires. Such distributions shall be equal to or greater than any required distribution. Alternatively, if the distribution is to be in the form of a joint and survivor annuity or single life annuity, then distributions shall begin no later than the applicable April 1st as determined under the preceding sentence and shall be made...
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36-29-51
Section 36-29-51 Health reimbursement arrangement. (a) As used in this section, the term health reimbursement arrangement or HRA means a plan qualifying as a health reimbursement arrangement as that term is defined under IRS Notice 2002-45 and a medical reimbursement plan under Sections 105 and 106 of the Internal Revenue Code of 1986, as amended. (b) The State Employees' Insurance Board may offer a health reimbursement arrangement to eligible active and retired state employees and their dependents. The terms and conditions of the HRA shall be established by the board in accordance with federal requirements and limitations. (c) Participants in the HRA are eligible to receive an employer contribution into the participant's HRA from the State Employees Insurance Fund in an amount to be determined by the board. Employer contributions into the participant's HRA shall not constitute compensation to an employee for the purposes of any statute fixing or limiting the compensation of the...
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12-17-227.16
Section 12-17-227.16 (Effective November 8, 2016, subject to contingencies) Compliance with qualification standards. The Board of Control is authorized to implement any new accounting procedures, funds, or administrative changes and to provide for the payment of benefits to members or beneficiaries of the plan as may be necessary to ensure the plan's compliance with the qualification standards required of public pension plans by the Internal Revenue Code of the United States. (Act 2015-498, §35.)...
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12-18-14
Section 12-18-14 Compliance with qualification standards. The Board of Control of the Employees' Retirement System of Alabama is authorized to implement any new accounting procedures, funds, or administrative changes and to provide for the payment of benefits to members or beneficiaries of the retirement fund as may be necessary to ensure the Judicial Retirement Fund's compliance with the qualification standards required of public pension plans by the Internal Revenue Code of the United States. (Act 98-385, p. 732, §10 (c).)...
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12-18-165
Section 12-18-165 (Effective November 8, 2016, subject to contingencies) Compliance with qualification standards. The Board of Control is authorized to implement any new accounting procedures, funds, or administrative changes and to provide for the payment of benefits to members or beneficiaries of the plan as may be necessary to ensure the plan's compliance with the qualification standards required of public pension plans by the Internal Revenue Code of the United States. (Act 2015-498, §17.)...
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16-25-34
Section 16-25-34 Compliance with qualification standards. The Board of Control of the Teachers' Retirement System of Alabama is authorized to implement any new accounting procedures, funds, or administrative changes and to provide for the payment of benefits to members or beneficiaries of the retirement system as may be necessary to ensure the Teachers' Retirement System of Alabama's compliance with the qualification standards required of public pension plans by the Internal Revenue Code of the United States. (Act 98-385, p. 732, §10(a).)...
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