GroundRules
Ala. Code § 45-37A-21.260: Loans to Participants.
Where this section sits in the code
- Title 45 Local Laws.
- Chapter 37A Jefferson County Municipalities.
- Article 5 Birmingham.
- Part 2 Employees.
- Subpart 2 Retirement and Relief System.
- Division 7 Participant Loans.
The board shall have the right to lend to any employee member from the fund such an amount of money as will not cause the aggregate of indebtedness of the employee member to the fund immediately after such loan to exceed 50 percent of the amount of contribution returnable to him or her or to those claiming under him or her, were he or she to become separated from the service immediately after such loan. Interest on such loan shall be charged at the rate of six to seven percent per annum as determined by the board annually.
Collected 2026-10-10T05:41:29Z. Source file · JSON