Let's say I'm editing a latex in Auctex's latex-mode, and I have the following equation.

\begin{align}
    \phi & = a + b
    + c + d \\
    & = a + b
    + c + d + e
\end{align}

The above alignment is what I get if I select everything and hit TAB, that is, if I'm just using indent-region.

What I would like to get is the following:

\begin{align}
    \phi & = a + b
           + c + d \\
         & = a + b
           + c + d + e
\end{align}

Below is what I get if I call align-current.

\begin{align}
    \phi & = a + b
    + c + d \\
         & = a + b
         + c + d + e
\end{align}

Which almost gets there, but not quite. The difference is clear.
Also, if I decide to remove the \phi, align-current does something simply bizarre:

\begin{align}
 & = a + b
    + c + d \\
 & = a + b
         + c + d + e
\end{align}

Is there a way I can customize align-current or use something else to get the desired effect?