§ 45-49A-63.171 — Termination of Plan

Alabama § 45-49A-63.171

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 49A: Mobile County Municipalities
• Art. 6: Mobile
• Part 4: Policemen’s and Firemen’s Pension and Relief System
• Subpart 9: Amendment, Merger, and Termination

Text

The city may terminate the plan with the consent of the majority of the plan’s members at the time of the termination, for any reason at any time. In case of termination of the plan, the rights of members to their benefits as of the date of the termination, to the extent then funded or protected by law, if greater, shall be nonforfeitable. The fund shall be used for the exclusive benefit of persons entitled to benefits under the plan as of the date of termination, except as provided in Section 45-49A-63.105. However, any funds not required to satisfy all liabilities of the plan for benefits because of erroneous actuarial computation shall be returned to the city. In the event of a partial termination of the plan, this section shall be applicable to the members affected by that partial termination.

Legislative History

(Act 97-689, p. 1379, §10(9.02).)