This text of Alabama § 45-37A-51.222 (Participants Vesting) 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)(1) All participants who are participants before July 1, 2017, shall vest at five years of credited service.
(2)Notwithstanding anything to the contrary contained in this section, all participants who first become participants on or after July 1, 2017, shall vest at 10 years of credited service.
(b)All participants may purchase previous city, county, and city library time by paying the contribution plus interest as provided herein.
(c)Participants of the city and other participating entities, except the board of health, upon termination of the employment after five years of actual service to the city or other employing participating entity, shall have the option to leave in the system fund all contributions made by the terminated employee and receive a monthly retirement benefit begi
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(a)(1) All participants who are participants before July 1, 2017, shall vest at five years of credited service.
(2) Notwithstanding anything to the contrary contained in this section, all participants who first become participants on or after July 1, 2017, shall vest at 10 years of credited service.
(b) All participants may purchase previous city, county, and city library time by paying the contribution plus interest as provided herein.
(c) Participants of the city and other participating entities, except the board of health, upon termination of the employment after five years of actual service to the city or other employing participating entity, shall have the option to leave in the system fund all contributions made by the terminated employee and receive a monthly retirement benefit beginning at age 60 years in an amount equal to a multiplier in the applicable percentage effective on the date of retirement as set forth in Section 45-37A-51.220 of the employee’s monthly final average salary multiplied by his or her years of credited service. The benefit shall continue throughout the life of such retiree. A survivor’s benefit calculated as described in Section 45-37A-51.228, shall be provided to the survivors of the retiree pursuant to this provision if the retired employee has reached age 60 years. In the event that a terminated employee dies prior to receiving a benefit hereunder, or a terminated employee elects at any time to withdraw the contributions from the system fund, then the contributions shall be paid to the employee or his or her designee without interest and the terminated employee and those claiming under him or her, shall have no further rights in the fund. The amount payable, calculated by using the multiplier in the applicable percentage effective on the date of retirement per year of credited service, shall be reduced by being calculated at a lower percentage per year of credited service if for any reason current service retirees receive less percentage per year of credited service.
(d) Notwithstanding anything to the contrary contained in subsection (c), all participants who first become participants on or after July 1, 2017, upon termination of the employment after 10 years of actual service to the city or other employing participating entity, may leave in the system fund all contributions made by the former employee and receive a monthly retirement benefit beginning at age 62 years in an amount equal to a multiplier in the applicable percentage effective on the date of retirement as set forth in Section 45-37A-51.220 of the employee’s monthly final average salary multiplied by his or her years of credited service. The benefit shall continue throughout the life of the retiree. A survivor’s benefit calculated as described in Section 45-37A-51.228, shall be provided to the survivors of the retiree pursuant to this provision if the retired employee has reached age 62 years. In the event that a terminated employee dies prior to receiving a benefit under this section, or a terminated employee elects at any time to withdraw the contributions from the system fund, then the contributions shall be paid to the employee or his or her designee without interest and the terminated employee and those claiming under him or her shall have no further rights in the fund. The amount payable, calculated by using the multiplier in the applicable percentage effective on the date of retirement per year of credited service, shall be reduced by being calculated at a lower percentage per year of credited service if for any reason current service retirees receive less percentage per year of credited service.
(e) That portion of a terminated participant’s benefit that is forfeited shall be used only to reduce future costs of the system at such time as it becomes a forfeiture.