Ala. Admin. Code r. 800-2-2-.06 - Termination Of Unit Eligibility
In the event that a unit participating in the Retirement System pursuant to Code of Ala. 1975, § 36-27-6, ceases to be an eligible unit, employees of such unit shall no longer be eligible to participate in the Retirement System but shall be treated as other employees who terminate their service with an eligible unit. An actuarial study shall be performed to determine the funds necessary to cover the existing liabilities for vested benefits. The employer unit shall pay any funding deficiency to the Retirement System upon demand and any excess of funds over existing liabilities shall be returned to the employer unit provided that no transfer of funds to the employer unit shall take place in less than 90 days from the date that the Retirement System is first notified that such unit has become ineligible for participation.
Author: William T. Stephens, General Counsel, RSA.
Notes
Statutory Authority: Code of Ala. 1975, § 36-27-23(g).
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