Alabama § 45-8A-22.121 - Partial Lump Sum Option.
Full text of Alabama Code of Alabama § 45-8A-22.121 — Partial Lump Sum Option., with citation guidance and answers to common questions.
§ 45-8A-22.121. Partial Lump Sum Option.
(a) Notwithstanding Section 45-8A-22.120, effective with respect to distributions before October 1, 2012, a participant may elect to receive a partial lump sum option whereby the amount of his or her monthly retirement benefit shall be reduced, in return for the payment to the participant of a lump sum amount, in cash, at the time his or her monthly pension is first payable. The participant may elect to receive the lump sum, which is based on the reduced amount of his or her regular monthly benefit, before any reduction for survivor benefits, for life multiplied by the specified number of months, as set forth below:
Lump Sum Benefit = Monthly Retirement Benefit X Reduction Factor X Multiplier
The monthly benefit then shall be reduced appropriately for survivor benefit options.
(b) Effective with respect to distributions on and after October 1, 2012, the plan does not provide a partial lump sum distribution option; rather all distributions shall be made in accordance with Section 45-8A-22.120.
Frequently Asked Questions About Alabama § 45-8A-22.121
What does Code of Alabama § 45-8A-22.121 cover?
Section 45-8A-22.121 ("Partial Lump Sum Option.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 45-8A-22.121?
A common citation format is "Code of Alabama § 45-8A-22.121" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 45-8A-22.121 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.