§ 45-37A-51.138 — Legislative Reports

Alabama § 45-37A-51.138

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 37A: Jefferson County Municipalities
• Art. 5: Birmingham
• Part 2: Employees
• Subpart 3: Administration of Plan

Text

(a) In addition to periodic actuarial valuations of the fund which the board may from time to time require, the board, upon request, shall transmit to each member of the Alabama House of Representatives representing the county or any part thereof, and to each member of the Alabama Senate from every senatorial district within the county, or partly within the county, an actuarial analysis of the system as of the end of the city’s fiscal year immediately preceding the report specifically answering the following questions:
(1) Are the contributions to the fund sufficient to pay the benefits provided herein? If not, what additional contributions are necessary?
(2) Are the benefits provided herein sufficient in amount to consume the contributions required herein, or are they as large as to render the fund insolvent; and in the event of the finding of either contingency, what adjustments should be made?
(3) What provision should be made either in contributions by employees or by the city to render the fund solvent with respect to allowances made for prior service?
(b) In addition to the foregoing, the board of managers shall transmit to the representatives and senators each of the following:
(1) A draft of such laws as the board deems necessary to keep or make the fund actuarially solvent, and of such laws as the board believes would improve the pension system.
(2) A recital of the reasons for the recommendation of the proposed laws; detailed and specific recommendations as to what benefits should be reduced, or what additional contributions should be made, to the end that the fund shall be solvent, safe, and sound for the protection of the employees covered thereby.

Legislative History

(Act 2006-339, p. 851, Art. III, §10.)