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Contributions & Refunds

HOW ARE MY BENEFITS FUNDED?
You and the funding authority, The City of Montgomery or The Airport Authority, make contributions to support the System and provide your benefits.

HOW MUCH DO I CONTRIBUTE AND HOW IS IT PAID?
When you become a member of the System you pay 6% of your base pay which is automatically deducted from your paycheck.

HOW MUCH DOES THE CITY AND AIRPORT AUTHORITY CONTRIBUTE?
The City and Airport Authority contribute an amount actuarially determined to accumulate the necessary reserves at retirement to provide that part of your benefit not covered by your contributions.

WHAT HAPPENS IF I LEAVE EMPLOYMENT WITH THE CITY OR AIRPORT AUTHORITY PRIOR TO RETIREMENT?
You (or your designated beneficiary upon your death) are always entitled to your contributions after termination of your employment. Upon completion of a CONTRIBUTION REFUND APPLICATION and receipt of your final paycheck your life to date contributions will be refunded within the next payment cycle (usually 2 - 4 weeks).

Employer contributions and earnings are paid only upon retirement not employment termination.

CAN I BORROW FROM MY RETIREMENT?
No, the law establishing the Retirement System expressly prohibits loans from or assignments of contribution balances.
Last updated: 12/13/2013 11:18:38 AM