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 Repealed by Act 2010-725, p. 1800, §10, effective April 30, 2010.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 […]
Section 16-33C-10 – Aces Program Generally.
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.
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.
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.
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. […]