Alabama § 45-49A-63.134 Deferred Retirement Option Plan

Alabama Statutes

§ 45-49A-63.134 — Deferred Retirement Option Plan

Alabama § 45-49A-63.134

JurisdictionAlabama

Title 45Local Laws

Ch. 49AMobile County Municipalities

Art. 6Mobile

Part 4Policemen’s and Firemen’s Pension and Relief System

Subpart 7Administration of Plan

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Bluebook

Ala. Code § 45-49A-63.134 (2026).

Text

The board may create and administer a deferred retirement option plan (DROP Plan) on such terms and conditions as the board may prescribe; however, any DROP Plan created by the board shall be at no cost and with no liability to the city. The plan’s actuary shall certify to the city, at or before the adoption of the DROP Plan and at or before the adoption of any amendment to the DROP Plan, that its terms do not create any cost or liability to the city. Any member who elects to enter the DROP Plan shall have no recourse against the city for any claims with respect to the DROP Plan or payments under the DROP Plan.

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The board may create and administer a deferred retirement option plan (DROP Plan) on such terms and conditions as the board may prescribe; however, any DROP Plan created by the board shall be at no cost and with no liability to the city. The plan’s actuary shall certify to the city, at or before the adoption of the DROP Plan and at or before the adoption of any amendment to the DROP Plan, that its terms do not create any cost or liability to the city. Any member who elects to enter the DROP Plan shall have no recourse against the city for any claims with respect to the DROP Plan or payments under the DROP Plan.