Alabama Loan Plan for Key Employees
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How to fill out Loan Plan For Key Employees?
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FAQ
Can I borrow from my retirement or make a hardship withdrawal? You cannot borrow against your retirement. You can only withdraw your account if you are no longer employed with a member agency.
If you have at least 10 years of creditable service and are at least age 60, you can begin to receive the lifetime retirement benefits. You can also begin to receive benefits at any age if you have 25 or more years of creditable service. You will receive your benefits monthly for your lifetime.
Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.
RSA-1 is an Internal Revenue Code Section 457 deferred compensation plan for public employees. This voluntary plan allows you to save and invest extra money for retirement, tax deferred. Not only will you defer taxes immediately, your contributions and any earnings will grow on a tax-deferred basis as well.
Alabama state law allows active members to purchase service credit for certain types of past employment. Purchasing service credit may increase the amount of your retirement income or allow you to retire sooner. To purchase service credit, the member must submit proper certification of the service.
Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service. Tier 2 member: You are eligible to retire at age 62 (age 56 for State Police and certified, full-time firefighter and law enforcement officer) with 10 or more years of service.
Tier 1 members are eligible for retirement benefits at age 60 with at least 10 years of service. If you have 25 years of service, you can retire at any age and apply for full retirement benefits from RSA. Tier 2 members are eligible for retirement benefits at age 62 with at least 10 years of service.
Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service. Tier 2 member: You are eligible to retire at age 62 (age 56 for State Police and certified, full-time firefighter and law enforcement officer) with 10 or more years of service.
