Section 45-51A-32.20 Creation. There is created the Montgomery Firefighters Pension Fund in the City of Montgomery, Alabama, and a Board of Trustees of the Montgomery Firefighters Pension Fund, by which name the board shall be known and called, to be composed of the persons hereinafter named and to be selected as hereinafter provided and directed, […]
Section 45-51A-32.21 Membership in pension fund. Any person who is now, or hereafter becomes, an employee of the Fire Department of the City of Montgomery shall become a member of the pension fund as a condition of employment. (Acts 1971, No. 1606, p. 2761, § 2.)
Section 45-51A-32.22 Board of trustees – Composition. The Board of Trustees of the Montgomery Firefighters Pension Fund shall consist of the chief, or other person acting in such capacity, of such fire department of the city, and five other members of the fire department of the city, who shall be selected as is hereinafter set […]
Section 45-51A-32.23 Board of trustees – Election of members. The members of the board of trustees, other than the chief of the fire department, shall be elected annually during the month of January. The date and manner for holding such election, and notice thereof to the members, shall be set by the rules and regulations […]
Section 45-51A-32.24 Board of trustees – Officers. The chief, or other person acting in such capacity, of the fire department shall be the president of the board of trustees, and at the first meeting after each election as provided hereinabove, the board of trustees shall elect a secretary who shall perform such duties as may […]
Section 45-51A-32.25 Custodian of assets. The Comptroller of the City of Montgomery, or his or her duly appointed assistant, shall, subject to the right of change hereinafter provided, be the custodian of all assets belonging to the Montgomery Firefighters Pension Fund. The comptroller, or his or her duly appointed assistant, shall be liable on his […]
Section 45-51A-32.26 Duties of board. The Board of Trustees of the Firefighters Pension Fund is declared to be the trustee of the Firefighters Pension Fund, and shall have the exclusive management and control thereof, and all matters legitimately connected therewith; and the board shall have power to adopt and enforce such rules and regulations as […]
Section 45-51A-32.27 Funding. The Montgomery Firefighters Pension Fund shall consist of the following: (1) Of all monies that may be given or donated to the fund by any person, firm, association, or corporation for the uses and purposes for which the fund is created; and the board may take by gift, grant, devise, or bequest […]
Section 45-51A-32.28 Powers of board members. The members of the board shall be trustees of all the assets of the fund and shall have full power to invest and reinvest such assets in such stock, bonds, and other securities and properties as they may deem advisable, including preferred stocks, common stocks, debentures and unsecured obligations, […]
Section 45-51A-32.29 Annual report. The Board of Trustees of the Montgomery Firefighters Pension Fund shall make an annual report to the members of the condition of the Montgomery Firefighters Pension Fund. (Acts 1971, No. 1606, p. 2761, § 10.)
Section 45-51A-32.30 Depositories. The Board of Trustees of the Montgomery Firefighters Pension Fund shall designate the depository or depositories of the Montgomery Firefighters Pension Fund, and it shall be the duty of the custodian of the fund to make deposits of the fund as directed by the board of trustees. (Acts 1971, No. 1606, p. […]
Section 45-51A-32.31 Payments from fund. All payments from the fund shall be made only upon regular vouchers signed by the custodian of the fund unless a bank has been designated as custodian, in which event all payments from the fund shall be made only upon regular vouchers signed by the secretary and one board member […]
Section 45-51A-32.32 Exemptions. No portion of the Montgomery Firefighters Pension Fund, before or after its order for distribution by the board of trustees to the person or persons entitled thereto under this subpart, shall be held, seized, taken, subjected to, detained, or levied upon, by virtue of any attachment, garnishment, execution, injunction, writ, order, decree, […]
Section 45-51A-32.33 Insufficient funding. If at any time there shall not be sufficient money in the Montgomery Firefighters Pension Fund to pay each person entitled to the benefit thereof the full amount per month as herein provided, then an equal percentage of such monthly payment or payments shall be made to each beneficiary until the […]
Section 45-51A-32.34 Changes to benefits. The Board of Trustees of the Firefighters Pension Fund as trustees of all assets of the fund shall have the power by a majority vote to repeal, alter, amend, delete, or otherwise in their discretion the authority to change the benefits available to the members of the fund, provided, however, […]
Section 45-51A-32.35 Assistance of city attorney. It shall be the duty of the city attorney of the city to give advice to the board of trustees in all matters pertaining to the duties of the board of trustees and the management of the fund, whenever requested to do so, and he or she shall represent […]
Section 45-51A-32.36 Payment of expenses. The board of trustees shall be authorized to pay out of the fund all reasonable and necessary expenses that may be incurred by it in and about the performance of its duties under this subpart and in and about the management and administration of the fund; provided that in no […]
Section 45-51A-32.37 Annual report by fire insurance companies. Each fire insurance company doing business in the city shall file with the board of trustees, on or before the first day of February of each year, a statement or report in writing showing the gross amount of premiums, less returned premiums, received by the fire insurance […]
Section 45-51A-32.38 Actuary. The board may designate an actuary to be the technical advisor to the board on matters regarding the operation of the fund who shall perform such duties as are required of him or her by the board. (Acts 1971, No. 1606, p. 2761, § 23.)
Section 45-51A-32.39 Investment trustee. (a) The board may employ the services of an investment trustee, which shall be such bank or other recognized financial advisory service as the board of trustees may select. The board of trustees may terminate the services of the investment trustee upon 30 days’ written notice to such trustee, and the […]
