This text of Alabama § 36-27-12 (Transfer of Service Credits, Etc., from Teachers’ Retirement System of Alabama) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)Any member of the Employees’ Retirement System who, not more than one year prior to becoming a member of the employees’ retirement system, was a member of the Teachers’ Retirement System of Alabama may elect to transfer to the Employees’ Retirement System his service credits in said Teachers’ Retirement System, as provided in this section.
(b)Any such member so desiring to transfer such service credits shall notify the Board of Control of the Employees’ Retirement System after he becomes a member of the employees’ retirement system of his election to transfer such service credits and shall authorize transfer of the amount of his accumulated contributions to his credit in said Teachers’ Retirement System to the Annuity Savings Fund of the Employees’ Retirement System.
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(a) Any member of the Employees’ Retirement System who, not more than one year prior to becoming a member of the employees’ retirement system, was a member of the Teachers’ Retirement System of Alabama may elect to transfer to the Employees’ Retirement System his service credits in said Teachers’ Retirement System, as provided in this section.
(b) Any such member so desiring to transfer such service credits shall notify the Board of Control of the Employees’ Retirement System after he becomes a member of the employees’ retirement system of his election to transfer such service credits and shall authorize transfer of the amount of his accumulated contributions to his credit in said Teachers’ Retirement System to the Annuity Savings Fund of the Employees’ Retirement System.
(c) The Board of Control of the Teachers’ Retirement System shall thereupon certify to the Board of Control of the Employees’ Retirement System the period of membership service creditable to the member at the time of separation from the Teachers’ Retirement System, the period of prior service, if any, on his prior service certificate at the time of separation from the Teachers’ Retirement System and the value of the prior service contributions allowable for such prior service under the Teachers’ Retirement System. The member shall be credited in the Employees’ Retirement System with the service credits so certified and, if he continues as a member until retirement, he shall receive in addition to the benefits allowable under the Employees’ Retirement System benefits based on the services and contributions so certified.
(d) If a member retires under the Employees’ Retirement System within five years after having elected to transfer such service credits from said Teachers’ Retirement System, the pension benefits payable with respect to such service credits shall not be greater than the pension benefits which would have been payable with respect thereto had he remained in said Teachers’ Retirement System.
(e) Notwithstanding anything in this section to the contrary, a member of the Employees’ Retirement System on October 9, 1947, who was a member of the Teachers’ Retirement System of Alabama not more than one year prior to becoming a member of the Employees’ Retirement System, may effect such a transfer of service credits from said Teachers’ Retirement System in the manner described in this section; provided, that he shall deposit in the Annuity Savings Fund of the Employees’ Retirement System prior to January 1, 1954, the amount of his accumulated contributions paid to him by said Teachers’ Retirement System.
(f) Should any person who has retired from the Teachers’ Retirement System and who is receiving benefits for service as a teacher become a member of the Employees’ Retirement System his benefits shall cease, and the reserves remaining for his pension and annuity and all his service credits shall be transferred to the Employees’ Retirement System. The member shall be credited in the Employees’ Retirement System with the transfers so certified, and if he continues as a member until retirement, his retirement benefits shall be based on his service in both systems.