§ 36-27-88 — Amount of Increase - Persons Whose Retirement Is Based on 51 or More Percent Service to Employer Participating Under Section 36-27-6

Alabama § 36-27-88

• Jurisdiction: Alabama
• Title 36: Public Officers and Employees
• Ch. 27: State Employees’ Retirement System
• Art. 3: Cost-of-Living Increases - Date Prior to October 1, 1987

Text

There is hereby provided to each person whose employer elects to come under the provisions of this act and whose retirement is based on 51 or more percent service to an employer participating under Section 36-27-6, and whose effective date of retirement for purposes of receiving benefits from the Employees’ Retirement System is prior to October 1, 1989, and to certain beneficiaries of deceased members and deceased retirees of such employers, provided the effective date of death or retirement for such deceased retiree or deceased member for purposes of receiving benefits from the Employees’ Retirement System was prior to October 1, 1989, and who is receiving a monthly allowance from the Employees’ Retirement System a cost-of-living increase as follows:
(1) $1.00 per month for each year of service attained by said retiree plus $3.00 per month for each year of retirement attained by said retiree for each retiree selecting the minimum retirement allowance or Option 1.
(2) $1.00 per month for each year of service attained by said retiree plus $3.00 per month for each year of retirement attained by said retiree reduced by the retiree’s option selection factor for each retiree selecting Option 2, 3 or 4.
(3) $1.00 per month for each year of service attained by said deceased member or deceased retiree plus $3.00 per month for each year since the date of death of such deceased member or in the case of a deceased retiree since his effective date of retirement, reduced by the survivor’s option factor for each beneficiary receiving monthly benefits from the Employees’ Retirement System.

Legislative History

(Acts 1990, No. 90-522, p. 759, §2.)