SB524 Alabama 2012 Session

Updated Feb 27, 2026

Notable

Summary

Primary Sponsor: Del Marsh
Republican
Session: Regular Session 2012
Title: Anniston, Police and Firemen's Retirement Plan, Act 608, 1951 Reg. Sess., reenacted, now appearing as Secs. 45-8A-22.60 to 45-8A-22.96, inclusive, repealed
Summary: SB524 repeals and reenacts Anniston's Police and Firefighters Retirement Plan, creating a dedicated retirement trust and board to administer pensions for city police and fire personnel.
What This Bill Does
Creates the City of Anniston Police and Firefighters Retirement Trust and a five-member Retirement Board to run the plan. Establishes the board composition, terms, voting requirements, and meeting rules, and requires annual reports and audits. Outlines the board’s duties to administer benefits, determine eligibility, and manage plan investments and records, for the exclusive benefit of participants and their beneficiaries. Sets how contributions are made by employees, the City, and public utilities (historically), and details benefit calculations, retirement ages, disability and death benefits, rollover rules, and plan termination or amendment processes.

Who It Affects
City of Anniston sworn police officers and sworn firefighters (participants who contribute to the trust and receive retirement, disability, and death benefits).
City of Anniston employees hired as sworn police officers or firefighters (new participants and contributors).
Retirees, surviving spouses, and other beneficiaries who receive benefits under the plan.
Public utilities operating in Anniston (historical contributor to the trust; contributions change over time, with payments ending after 2012).

Key Provisions
Repeals and reenacts Act 608, 1951, as 45-8A-22.60 to 45-8A-22.96, establishing the retirement plan and its administration.
Creates a five-member Retirement Board (retiree-elected, fire department-elected, police department-elected, City Finance Director, and a City Council appointee); sets terms, quorum, voting rules, compensation, and travel expense limits.
Designates the City of Anniston clerk as Secretary-Treasurer with bonding, record-keeping, and reporting duties; requires annual financial records and advance expenses approval.
Gives the board broad powers to administer the plan, determine eligibility, calculate and certify benefits, establish investment policy, and appoint investment managers or advisers.
Allows investment of trust assets in various asset classes and requires separate accounting; participants cannot benefit directly from investments and funds are for exclusive benefit of participants and beneficiaries.
Outlines contributions: employee/contributor requirements (historic 10% contributions; city’s pick-up contributions of 10% then 14% after 2012); city contributions to meet normal cost and amortize unfunded liabilities within 30 years; public utility contributions phased out after 2012.
Specifies benefit formulas and eligibility: different accrual rates for pre- and post-May 29, 1979 hires; cap at 75% of final compensation; defines normal retirement ages (60 pre-2012, 65 post-2012); includes disability and death benefits, with options for survivor benefits under Plan Options A, B, or C.
Provides for minimum distributions under IRS rules, rollovers to qualified plans or IRAs, and limitations under Internal Revenue Code 415; requires actuarial valuations, audits, and annual reports.
Authorizes amendments by the retirement board; requires trustee consent for amendments affecting the trustee; provides termination procedures and distribution of trust assets upon termination.
Sets conflict-of-law provisions, construction rules, and effective date for immediate operation after passage and approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Calhoun County