Section 45-35A-55

Section 45-35A-55Participation in Employees' Retirement System; transfer of assets and liabilities.

Notwithstanding the provisions of Act 103, 1953 Regular Session (Acts 1953, p. 145), as amended by Act 543, 1977 Regular Session (Acts 1977, p. 711), the City of Dothan by action of the city council may take any actions necessary to participate in the Employees' Retirement System of Alabama pursuant to Section 36-27-6, and the remaining provisions of Chapter 27 of Title 36, and may transfer any assets and liabilities of the City of Dothan Pension and Retirement System to the Employees' Retirement System of Alabama, as necessary for the City of Dothan to participate in the Employees' Retirement System. Upon acceptance of the City of Dothan in the Employees' Retirement System of Alabama, the Board of Trustees of the City of Dothan Pension and Retirement System may terminate the pension and retirement system established pursuant to Act 103, 1953 Regular Session (Acts 1953, p. 145), as amended by Act 543, 1977 Regular Session (Acts 1977, p. 711), according to the terms and conditions as it shall provide and upon satisfaction of any obligations to any vested members of the system in the manner as the board shall determine necessary.

(Act 2004-274, p. 380, §1.)