Section 36-27B-2 – Fund Established; Moneys Paid In, Out, etc.; Transfer of Funds.
Section 36-27B-2 Fund established; moneys paid in, out, etc.; transfer of funds. A separate fund to be known as the Preretirement Death Benefit Fund is hereby established within the Employees’ Retirement System of Alabama and the Teachers’ Retirement System of Alabama to be held in trust by the respective Boards of Control. Such fund shall […]
Section 36-27B-3 – Payment of Benefits; Amount; “In-Service” Defined.
Section 36-27B-3 Payment of benefits; amount; “in-service” defined. Upon receipt of proof satisfactory to the respective Board of Control, of the death of a contributing member, in-service, who had completed at least one year of contributing membership service; or of the death of a contributing member as a result of an injury arising out of […]
Section 36-27B-4 – Group Life Insurance Authorized as Death Benefit.
Section 36-27B-4 Group life insurance authorized as death benefit. The Boards of Control are authorized to take such action as may be necessary to provide the death benefit under this section in the form of group life insurance upon determination that to do so would guarantee a more favorable tax treatment to the beneficiaries to […]
Section 36-27B-5 – Certification of Decrease in Rate of Employer Contributions; Chapter May Become Effective After Resolution; Funding Program.
Section 36-27B-5 Certification of decrease in rate of employer contributions; chapter may become effective after resolution; funding program. Should the actuaries employed by the respective Boards of Control certify a decrease in the rate of employer contributions as set forth in subdivisions (3) and (5) of Section 16-25-21 and subsections (d) and (f) of Section […]
Section 36-27B-1 – (Effective November 8, 2016, Subject to Contingencies) Creation and Effective Date of Program.
Section 36-27B-1 (Effective November 8, 2016, subject to contingencies) Creation and effective date of program. There shall be created the Preretirement Death Benefit Program effective October 1, 1985, which shall be effective as of that date to all employees covered under the Teachers’ Retirement System of Alabama and the Employees’ Retirement System of Alabama. Beginning […]