Section 45-8A-22.71 Participation in plan.
Section 45-8A-22.71
Contributions to fund.
(a) The secretary-treasurer shall receive contributions to the fund that shall consist of the following:
(1) All of the money, securities, things of value, and assets belonging to any similar fund now being maintained by the city.
(2) All money or properties that may be given or donated by any person, firm, association, or corporation for the uses and purposes for which the fund is created, and the retirement board may take, by gift, grant, devise, or bequest, any money, personal property or real estate, or any interest therein or any right of property for the benefit of the fund.
(3) Ten percent of the monthly compensation, including overtime and any other pay, of each member of the police and fire departments, which shall be deducted from such compensation and paid to the secretary-treasurer of the retirement board on or before the tenth day each month next succeeding the month in which earned. Effective October 1, 2002, in lieu of employee contributions, the city shall contribute on behalf of each employee an amount equal to 10 percent of the employee's compensation (such payment being sometimes hereinafter referred to as pick-up contributions). The employee's actual salary shall be reduced by the amount of the pick-up contribution, but the pick-up contribution shall not reduce the amount of his or her compensation for purposes of determining benefits hereunder. No employee shall have the option to receive the pick-up contribution directly instead of having it paid by the city directly to the plan.
(4) An amount equal to the amount paid into the fund under subdivision (3) of this subsection shall be paid into the fund monthly out of the city treasury, said payment to be made at the same time that the payment provided by subdivision (3) is required to be paid.
(5) Each public utility, qualified to do business under the laws of Alabama and selling electricity or electric current or natural gas or intra-city bus transportation or local exchange telephone service or telegraph service in Anniston, shall annually, on or before the first day of February of each year, pay into the fund a sum equal to one-half of one percent of the gross revenues of such utility from the sale of electricity or electric current or natural gas or intra-city bus transportation or local exchange telephone service or telegraph service within the corporate limits and police jurisdiction of the city during the preceding year; however, the sum equal to one-half of one percent of the gross revenues of such public utilities selling electricity or electric current or natural gas or intra-city bus transportation or local exchange telephone service or telegraph service in such city and its police jurisdiction, from the sale of electricity or electric current or natural gas or intra-city bus transportation or local exchange telephone service or telegraph service therein, required by this subsection to be paid by such public utilities into the police and firefighters retirement fund, and shall be deducted from and offset against any privilege or license tax which the municipal corporation may by law impose upon such public utility engaged in the business of selling electricity or electric current or natural gas or intra-city bus transportation or local exchange telephone service or telegraph service within such city. The payment required in this subsection shall be treated as a privilege or license tax and shall be subject to the provisions of Sections 11-51-128 and 11-51-129.
(b) Accompanying such payment by each public utility there shall be filed with the secretary-treasurer a sworn statement by an officer or authorized agent of such utility showing the amount of the gross revenue received by such utility from the sale of electricity or electric current, natural gas, local exchange telephone service, telegraph service, or intra-city bus transportation in such territory during the preceding year. Any such utility which fails or refuses to comply with the provisions of this section shall forfeit to the fund the sum of one thousand dollars ($1,000) to be recovered in a civil action instituted in the name of the fund by the city attorney.
(Act 2002-298, p. 815, §12; Act 2002-304, p. 841, §12.)