{"data":{"id":"us-al/ala.-code-45-37a-21.250","jurisdiction":"us-al","citation":"Ala. Code § 45-37A-21.250","heading":"Pension Funding Equity Act of 2004.","body":"Solely for purposes of calculating DROP benefits and for converting lump sum amounts for compliance with § 415, Internal Revenue Code, if the system provides a benefit in a form that is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, in a fiscal year beginning in 2004 or 2005, the actuarially equivalent straight life annuity that is used for demonstrating compliance with § 415, Internal Revenue Code, shall be the greater of: (1) The straight life annuity determined using the plan rate and plan mortality table and (2) the straight life annuity determined using 5.5 percent and the applicable mortality table. A benefit is subject to the minimum present value requirements of § 417(e)(3), Internal Revenue Code, if it is any benefit other than a nondecreasing annuity payable for a period of not less than the life of the participant, or, in the case of a qualified preretirement survivor annuity, the life of the surviving spouse, or such other benefit described in this subpart.","path":["Title 45 Local Laws.","Chapter 37A Jefferson County Municipalities.","Article 5 Birmingham.","Part 2 Employees.","Subpart 2 Retirement and Relief System.","Division 6 Benefits."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=45-37A-21.250","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-10-10T05:41:29Z","sha256":"b1c84f55820ef9bd783f7fda4034ce100aaa9bfead0a620fded80c2be97cb889","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-45-37a-21.249","next":"us-al/ala.-code-45-37a-21.260"},"notice":"GroundRules: Original legal text. Not legal advice."}