Section 45-8A-22.120 Optional benefit plans. (a) Optional Plans. Any participant terminating service on or after January 1, 1989, pursuant to the terms of Section 45-8A-22.113, Section 45-8A-22.114, or Section 45-8A-22.116 shall, within 20 days of the effective date of termination have the option of electing a pension plan with or without death benefits from one […]
Section 45-8A-22.121 Partial lump sum option. (a) Notwithstanding Section 45-8A-22.120, effective with respect to distributions before October 1, 2012, a participant may elect to receive a partial lump sum option whereby the amount of his or her monthly retirement benefit shall be reduced, in return for the payment to the participant of a lump sum […]
Section 45-8A-22.122 Proof of marriage and parentage. (a) When the spouse or children of an active or retired participant shall be entitled to benefits under the plan, such spouse or children shall make, or cause to be made, an application to the retirement board through the secretary-treasurer which shall demonstrate (1) proof of the marriage […]
Section 45-8A-22.123 Minimum distribution requirements. (a) In General. Benefit payments under the plan must begin by the “required beginning date,” defined as April 1 of the calendar year following the later of: (1) The calendar year in which the participant attains age 70 1/2, or (2) The calendar year in which the participant terminates active […]
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 […]
Section 45-8A-22.125 Claims procedure. Claims for benefits under the plan must be filed in writing with the secretary-treasurer on forms provided by the retirement board in accordance with procedures established by the retirement board or the secretary-treasurer, or both. (Act 2012-484, p. 1349, §26.)
Section 45-8A-22.126 Claims review procedure. Within 30 days after any final decision of the retirement board, any party, including the governing body of the City of Anniston, aggrieved at the decision of the retirement board may appeal from such decision to the Circuit Court of Calhoun County. Such appeal shall be de novo and shall […]
Section 45-8A-22.127 Exclusive use of assets of the trust; vesting; forfeitures. (a) Trust Assets May Not Be Diverted. The assets of the trust shall be held for the exclusive benefit of the participants and their beneficiaries. It shall not be possible for any part of the corpus or income of the trust or any funds […]
Section 45-8A-22.128 Actuary; reports. (a) The retirement board shall retain the services of a competent actuary and actuarial firm on continuous basis at a fee to be determined by the retirement board to advise the retirement board on all actuarial matters pertaining to the trust. The actuary shall possess the following minimum qualifications: (1) The […]
Section 45-8A-22.129 Annual audits. The retirement board shall have an audit made annually of the trust by a certified public accountant. (Act 2012-484, p. 1349, §30.)
Section 45-8A-22.130 Insufficiency of funds. If at any time there shall not be sufficient funds in the trust to pay each individual entitled to the benefits therefrom the full amount per month as herein provided, then an equal percentage of such monthly payment or payments shall be made to each individual until the trust shall […]
Section 45-8A-22.131 Warrants for payment of money. All monies ordered to be paid from the trust shall be paid by the secretary-treasurer only upon warrants signed by two members of the retirement board and countersigned by the secretary-treasurer. No warrant shall be drawn on the trust except by order of the retirement board, which order […]
Section 45-8A-22.132 Protection of the trust; exemptions. No portion of the trust shall, before or after its order for distribution by the retirement board to the person or persons entitled thereto under the provisions of the plan, be held, seized, taken, subjected to, detained, or levied upon by virtue of any attachment, garnishment, execution, injunction, […]
Section 45-8A-22.133 Construction. (a) Choice of Law. The plan shall be construed and enforced according to the Internal Revenue Code, this subpart, and the laws of the State of Alabama, other than its laws respecting choice of law. In the event of any discrepancy between the terms of the plan or this subpart and those […]
Section 45-8A-22.134 No contract of employment. The plan shall not be deemed to constitute a contract between the City of Anniston and any participant or to be consideration or an inducement for the employment of any participant or employee of the City of Anniston’s police department or fire department. Nothing contained in the plan shall […]
Section 45-8A-22.135 Amendment and termination. (a) Amendment of the Plan. (1) The retirement board shall have the right at any time to amend the plan, subject to the limitations of this section. Any such amendment must be consistent with this subpart, any other legislation relating to the trust, and consistent with other authority granted to […]
