Section 16-33C-1 Legislative intent. The Legislature of Alabama hereby finds and determines that the advancement and improvement of higher education in the State of Alabama is a proper governmental function and purpose of the State of Alabama. Additionally, the Legislature of Alabama intends to establish a qualified ABLE Program in this state which will encourage […]
Section 16-33C-10 ACES Program generally. (a) The ACES Program is established as one savings alternative under the plan whereby contributors open ACES savings accounts according to savings agreements for the payment of qualified higher education expenses for a designated beneficiary, as those terms are defined or used in Section 529 of the Internal Revenue Code […]
Section 16-33C-11 ACES savings agreements. (a) Each savings agreement made pursuant to this chapter shall include, but shall not be limited to, the following terms and provisions: (1) The maximum and minimum annual contributions and maximum account balance allowed on behalf of a designated beneficiary. (2) Provisions for withdrawals, refunds, transfers, returns of excess contributions […]
Section 16-33C-12 Additional duties of Savings Board. In addition to any other requirements of this chapter, the Savings Board shall: (1) Make available summary information on the ABLE Program and ACES Program to all contributors to savings agreements. (2) Prepare, or cause to be prepared, an annual accounting of the ABLE Program and ACES Program […]
Section 16-33C-13 Dissolution of ACES Program. In the event of dissolution of the ACES Program by the Alabama Legislature, any balances which remain in the ACES Trust Fund and in the ACES Administrative Fund after all costs and liabilities of the ACES Program have been paid, shall be returned to contributors according to savings agreements. […]
Section 16-33C-14 Appropriations from the Education Trust Fund to the PACT Program. Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015. (Act 2010-725, p. 1800, §1.)
Section 16-33C-15 Appropriations from the Education Trust Fund to the PACT Trust Fund; purpose. Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015. (Act 2010-725, p. 1800, §2.)
Section 16-33C-16 Appropriations from the Education Trust Fund to the PACT Trust Fund. (a) There is annually appropriated from the Education Trust Fund to the PACT Trust Fund the following amounts in the following fiscal years: (1) For the fiscal year ending 2016 — $33,952,000; (2) For the fiscal year ending 2017 — $63,622,000; (3) […]
Section 16-33C-17 Charge of mandatory fees or tuition per credit hour. Repealed by Act 2012-198, §3, effective April 12, 2012. (Act 2010-725, p. 1800, §4.)
Section 16-33C-18 Limits on increase in mandatory fees and tuition. On behalf of all current and future postsecondary students, the Legislature strongly encourages all public institutions of higher education to limit any annual percentage increases in mandatory fees and tuition to the average percentage amount such fees and tuition were annually increased over the previous […]
Section 16-33C-19 Changes to PACT rules, procedures, or policies. Repealed by Act 2012-198, §3, effective April 12, 2012. (Act 2010-725, p. 1800, §12.)
Section 16-33C-2 Short title. This chapter shall be known as the “Wallace-Folsom Savings Investment Plan Act.” (Acts 1989, No. 89-862, p. 1717, §2; Act 2001-427, p. 544, §1; Act 2015-442, §1.)
Section 16-33C-2.1 Creation and administration of plan. There is hereby created the Wallace-Folsom Savings Investment Plan as an agency and instrumentality of the State of Alabama. The plan consists of the PACT Program, the ACES Program, and the ABLE Program. The plan shall be administered by the State Treasurer in accordance with the provisions of […]
Section 16-33C-20 Certification that appropriations no longer necessary. In the event that the PACT Program’s Board of Directors receives an actuarial report certifying that any appropriation made in Section 16-33C-14, Section 16-33C-15, or Section 16-33C-16 is no longer necessary, the PACT Program’s Board of Directors shall certify to the Legislature that no future appropriations are […]
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-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-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-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-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 […]
Section 16-33C-3 Definitions. The following terms as used in this chapter shall have the meanings ascribed to them, unless the context clearly indicates otherwise: (1) ABLE PROGRAM. The Achieving a Better Life Experience Program established pursuant to this chapter and defined in Section 529A of the Internal Revenue Code of 1986, as amended, or other […]
