Section 16-33C-5 – Powers of Board.
Section 16-33C-5 Powers of board. In addition to the powers granted by any other provision of this chapter, the Savings Board and PACT board shall have, as agents of the State of Alabama, the powers necessary or convenient to carry out the purposes and provisions of this chapter, to develop and implement the ABLE Program, […]
Section 16-33C-21 – Disposition of Funds.
Section 16-33C-21 Disposition of funds. Any funds in the PACT Trust Fund remaining after the payment of all of the obligations of the fund shall be transferred to the Education Trust Fund in the fiscal year immediately following the year in which the last obligations are met. (Act 2010-725, p. 1800, §6.)
Section 16-33C-6 – Pact Program Generally.
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college savings alternative under the plan whereby purchasers enter into PACT contracts for the future payment of tuition and mandatory fees at eligible educational institutions. The PACT Program includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this […]
Section 16-33C-22 – Dissolution of Pact Program.
Section 16-33C-22 Dissolution of PACT Program. Once all benefits or obligations owed to the PACT contract holders have been paid, the PACT Program shall be dissolved and the provisions of this chapter shall be void. (Act 2010-725, p. 1800, §13.)
Section 16-33C-7 – Pact Contracts.
Section 16-33C-7 PACT contracts. (a) Each PACT contract shall include, but shall not be limited to, the following terms: (1) The amount and the number of contract payments required from a purchaser on behalf of a designated beneficiary. (2) The terms and conditions under which purchasers shall remit contract payments, including, but not limited to, […]
Section 16-33C-23 – Actuary Deficits.
Section 16-33C-23 Actuary deficits. The PACT Board is expressly authorized to negotiate, accept, and implement a legally binding resolution with PACT purchasers and beneficiaries to address any actuarial deficit in the PACT Trust Fund, which includes all powers granted elsewhere in this chapter and all other powers necessary or convenient under this section. (Act 2012-198, […]
Section 16-33C-8 – Additional Pact Duties of Board.
Section 16-33C-8 Additional PACT duties of board. In addition to any other requirements of this chapter, the PACT board shall: (1) Make available summary information on the financial condition of the PACT Program to all purchasers of PACT contracts. (2) Prepare, or cause to be prepared, an annual report of the PACT Program, including details […]
Section 16-33C-24 – Able Program Generally.
Section 16-33C-24 ABLE Program generally. (a) The ABLE Program includes the ABLE Trust Fund, and may be marketed under a different name than ABLE. The ABLE Trust Fund is hereby created and comprised of separate ABLE Savings Accounts established pursuant to this chapter. The ABLE Trust Fund receives contributions to ABLE Savings Accounts. One or […]
Section 16-33C-9 – Dissolution of Pact Program.
Section 16-33C-9 Dissolution of PACT Program. Repealed by Act 2010-725, p. 1800, §10, effective April 30, 2010. (Act 2001-427, p. 544, §2.)
Section 16-33C-25 – Administration of Programs.
Section 16-33C-25 Administration of programs. (a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of the ABLE Program and ACES Program, the Savings Board, and any person, investment manager, or committee to whom the Savings Board delegates any of its investment authority, shall act as trustee and shall exercise the […]