If at any time there shall not be sufficient money in the policemen's and firemen's retirement fund to pay each person entitled to the benefit thereof, the full amount per month as herein provided or any time the principal of the fund reaches an amount of seven hundred thousand dollars ($700,000) or less, then an equal percentage of such monthly payment or payments shall be made to each beneficiary until the fund shall be replenished to warrant the payment in full to each of the beneficiaries; provided that the provisions of this section concerning prorated payments shall not be interpreted to include those members drawing survivors’ benefits and those members of the fund who are 100 percent disabled and have no other personal income except those benefits derived from this subpart. The board of trustees, or insurance custodian as provided for in this subpart, is authorized to take such action as it deems necessary periodically to determine the actuarial status of the pension fund.
Structure Code of Alabama
Chapter 28A - Etowah County Municipalities.
Division 2 - Policemen and Firemen's Retirement Fund Board of Trustees.
Section 45-28A-42.50 - Applicability.
Section 45-28A-42.51 - Creation.
Section 45-28A-42.52 - Composition; Compensation.
Section 45-28A-42.53 - Secretary-Treasurer; Custodial Care of the Retirement Fund.
Section 45-28A-42.54 - Management and Control of Retirement Fund.
Section 45-28A-42.55 - Composition of Retirement Fund; Investment.
Section 45-28A-42.56 - Recordkeeping.
Section 45-28A-42.57 - Warrants.
Section 45-28A-45.58 - Exemptions.
Section 45-28A-42.59 - Insufficient Funding.
Section 45-28A-42.60 - Forfeiture of Benefits During Reemployment; Retirement.
Section 45-28A-42.61 - Mandatory Retirement.
Section 45-28A-42.62 - Increase in Retirement Benefits.
Section 45-28A-42.63 - Retirement of Physically or Mentally Disabled Members.
Section 45-28A-42.64 - Application for Disability Retirement.
Section 45-28A-42.65 - Payments to Beneficiaries of Deceased Active Member.
Section 45-28A-42.66 - Payments to Beneficiaries of Deceased Retired Member.
Section 45-28A-42.67 - Applications and Proofs From Beneficiaries.
Section 45-28A-42.68 - Reimbursements of Contributions.
Section 45-28A-42.69 - Qualifications for Participation.
Section 45-28A-42.70 - Definitions.
Section 45-28A-42.71 - List of Retired Policemen or Firemen.
Section 45-28A-42.72 - Assistance of City Attorney.
Section 45-28A-42.73 - Payment of Expenses.
Section 45-28A-42.74 - Appeals From Decisions of Board.
Section 45-28A-42.75 - Construction With Other Laws.
Section 45-28A-42.76 - Participation in Employees' Retirement System.