Section 45-37-123.110 - Missing participant or missing beneficiary(a) To the extent allowed by law, in the event that all or any portion of the benefit payable to a missing participant or missing beneficiary shall remain unpaid either: (1) with respect to a nonvested member, for more than five years following the member's separation from service of the county; or (2) with respect to a vested member, for more than five years following the applicable date, as may be set forth in any administrative policies established pursuant to Section 45-37-123.22(b)(5), the amount of the missing participant's or missing beneficiary's benefit (as applicable) or employee contributions, or both, in the sole discretion of the pension board, may be forfeited, subject to reinstatement as provided in subsection (b). During any period of forfeiture, the missing participant or missing beneficiary shall not be treated as a member under the plan. Prior to the forfeiture of a missing participant's or missing beneficiary's benefit or employee contributions, or both, the system shall attempt to locate the missing participant or missing beneficiary through reasonable search efforts, which efforts shall be determined by the pension board in its sole discretion.(b) In the event a missing participant or missing beneficiary is located subsequent to the forfeiture of the missing participant's or missing beneficiary's benefit or employee contributions, or both, pursuant to subsection (a), the benefit or employee contributions, or both, shall be restored by the pension board without interest; provided, however, that a benefit or employee contribution lost by reason of escheat under applicable state law is not treated as a forfeiture for purposes of this section nor as an impermissible forfeiture under the Internal Revenue Code. In the event that a nonvested missing participant dies subsequent to a forfeiture of his or her employee contributions pursuant to subsection (a), but before being located pursuant to this subsection, the participant's refund shall be permanently forfeited and there shall be no designated beneficiary or other beneficiary for the refund. In no event shall any forfeiture under the plan result in an increase in the benefit to be paid to any member.Ala. Code § 45-37-123.110 (1975)
Added by Act 2024-260,§ 2, eff. 6/1/2024.