If any employee terminates his or her employment before becoming eligible for retirement benefits, such employee shall receive a lump sum payment from the board of trustees, within 90 days after filing a written application with the board, the lump sum payment to be based on the following scale:
(1) From zero to and including the 5th year the employee shall receive 100 percent of all amounts he or she has contributed to the fund.
(2) From six to and including the 10th year the employee shall receive 100 percent of all amounts he or she has contributed plus an amount equal to one percent per year of employment contributed by the City of Gadsden.
(3) From 11 to and including the 20th year the employee will receive 100 percent of all amounts he or she has contributed plus an amount equal to two percent per year of employment contributed by the City of Gadsden.
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.