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.
Structure Code of Alabama
Chapter 49A - Mobile County Municipalities.
Part 4 - Policemen's and Firemen's Pension and Relief System.
Division 7 - Administration of Plan.
Section 45-49A-63.120 - Appointment of Board.
Section 45-49A-63.121 - Elections.
Section 45-49A-63.122 - Vacancies.
Section 45-49A-63.123 - Duties of Board.
Section 45-49A-63.124 - Establishment of Rules.
Section 45-49A-63.125 - Meetings.
Section 45-49A-63.126 - Compensation and Bonding.
Section 45-49A-63.127 - Prudent Conduct.
Section 45-49A-63.128 - Maintenance of Accounts.
Section 45-49A-63.129 - Service in More Than One Fiduciary Capacity.
Section 45-49A-63.130 - Limitation of Liability.
Section 45-49A-63.131 - Indemnification.
Section 45-49A-63.132 - City Attorney to Represent Board.