(a)For the purpose of the deductions from salary provided for in this section, the salary of a fireman or policeman shall be deemed to be the same as his or her salary is for the purpose of payroll deductions provided for in Section 9 of Act 929.
(b)(1) At the end of each payroll period after the effective date of this subpart, the City of Birmingham shall deduct from the salary of each firefighter police officer who commenced service on or after May 2, 1978, an amount equal to three and 30/100 percent of his or her salary plus an actuarially determined amount to cover one-half of the cost of providing a retirement benefit after 20 years of credited service. This amount shall not exceed the amount necessary to fund the additional cost over a period of 30 years, and shall be deposited into
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(a) For the purpose of the deductions from salary provided for in this section, the salary of a fireman or policeman shall be deemed to be the same as his or her salary is for the purpose of payroll deductions provided for in Section 9 of Act 929.
(b)(1) At the end of each payroll period after the effective date of this subpart, the City of Birmingham shall deduct from the salary of each firefighter police officer who commenced service on or after May 2, 1978, an amount equal to three and 30/100 percent of his or her salary plus an actuarially determined amount to cover one-half of the cost of providing a retirement benefit after 20 years of credited service. This amount shall not exceed the amount necessary to fund the additional cost over a period of 30 years, and shall be deposited into the supplemental pension system; provided, however, the city shall not make any such deduction from the salary of any firefighter or police officer for any payroll period which commences subsequent to that date whereon the firefighter or police officer has served in the fire department for 30 years.
(2) The City of Birmingham shall match the employee contribution which shall be deposited into the supplemental pension system, thus paying one-half of the cost of providing this improvement.
(c)(1) The city shall promptly pay each and every deduction of salary provided for into a retirement and relief account hereinafter referred to as the fund. At the same time the city pays into the fund any deduction from the salary of any employee member, the city shall match such deduction by paying into the fund from its general and other appropriate funds an amount equal to the full amount of such deduction. Provided that the city shall not be required to match any deduction from the salary of any firefighter or police officer who has 30 years of creditable service.
(2) At the same time the city pays to the fund the member’s salary deductions and the city’s matching payments, above prescribed, the city shall pay to the fund any supplemental payments required by any resolution the governing body of the city adopted pursuant to subsection (c) of Section 45-37A-51.01.
(3) The city comptroller is specifically charged with the duty of making such deductions from salaries and of making such payments into the fund. This fund shall include all assets of the fund in any form, and the city comptroller shall be ex officio, the custodian of the fund. The custodian shall keep a separate account of the fund and of all assets and liabilities thereof and of all receipts and disbursements thereof and of all prior service time and paid membership time of employee members. The custodian shall keep all monies of the fund in a separate bank account. The custodian shall keep in force and effect a bond in a penal amount equal to the total amount of monies and securities in his or her custody or possession, but in no event in excess of 10 percent of the total assets of the fund, payable to the board and conditioned for faithful performance of the duties and for faithful accounting to the board for all monies, securities, and property coming into his or her custody or possession as such custodian. Such bond shall be executed by a surety company authorized to do business in the State of Alabama, and the premium on such bond, and all necessary expenses of the board, shall be paid out of the fund upon order of the board. All bonds and securities acquired for the fund and which are registerable as to principal shall be registered by the custodian in the name of the system promptly upon acquisition and shall remain so registered until sold or otherwise disposed of by authority of the board. The board may select a banking institution located within the territorial jurisdiction of the city as subcustodian of securities, with authority to collect and remit to the same may mature, and pay it such reasonable fees or compensation for its services as the board may deem proper, and the board, if it sees fit, may waive bond of such institution as subcustodian so long as the net worth of the subcustodian exceeds one and one-half times the total par value of the securities entrusted to its custody. Securities in the custody of such subcustodian shall not be counted as in the custody of the custodian for the purpose of computing the amount of the custodian’s bond. The board is authorized to accept and receive gifts, donations, or legacies for the fund, and to administer same against the fund, the records of the city comptroller and custodian made and kept for the purpose of this subpart shall be deemed prima facie, to speak the truth.
(Acts 1959, No. 556, p. 1376, §6; Acts 1966, No. 219, p. 304, §1; Acts 1973, No. 1214, p. 2050, §2; 1975, No. 18, p. 130, §1; Acts 1975, No. 388, p. 959, §4; Acts 1978, No. 738, p. 1067, §4; Act 80-707, p. 1425, §6; Act 2000-564, p. 1039, §1.)