Section 36-27A-2 – Creation; Administered by Board of Control, etc.; Composition of Board.
Section 36-27A-2 Creation; administered by board of control, etc.; composition of board. There is hereby created a fund or funds which shall be known collectively as the Public Employees’ Individual Retirement Account Fund (PEIRAF). The PEIRAF shall be administered by the Secretary-Treasurer of the Employees’ Retirement System under the supervision and direction of a board […]
Section 36-27A-3 – Authority of Board to Promulgate Rules and Regulations.
Section 36-27A-3 Authority of board to promulgate rules and regulations. The board of control is hereby empowered and authorized to promulgate such rules and regulations as may be necessary to implement the provisions of this chapter, and to define terms, words and/or phrases incident thereto, provided such rules shall conform to the requirements of the […]
Section 36-27A-4 – Investments.
Section 36-27A-4 Investments. All investments shall be made pursuant to the same authority and restrictions that govern the investment of funds of the retirement systems of Alabama. (Acts 1982, 2nd Ex. Sess., No. 82-776, p. 278, §4; Acts 1991, No. 91-664, §1.)
Section 36-27A-5 – Eligibility.
Section 36-27A-5 Eligibility. The PEIRAF shall be available to all public employees in the State of Alabama who are members of the Teachers’ Retirement System, the Employees’ Retirement System or the Judicial Retirement Fund. In addition, any employee of an employer eligible to participate in the Employees’ Retirement System pursuant to the provisions of Section […]
Section 36-27A-6 – Contributions.
Section 36-27A-6 Contributions. Contributions to the PEIRAF may be deducted from each participating employee’s compensation or retirement allowance and transmitted to the PEIRAF in accordance with any limitations imposed by federal tax law for any tax deferred savings plan offered pursuant to the provisions of this chapter and pursuant to such rules and regulations as […]
Section 36-27A-7 – Administrative Cost.
Section 36-27A-7 Administrative cost. The administrative cost for the operation of the PEIRAF shall be provided from the expenses funds of the Employees’ Retirement System and the Teachers’ Retirement System. No additional state funds shall be used to administer the provisions of this chapter. (Acts 1982, 2nd Ex. Sess., No. 82-776, p. 278, §7; Act […]
Section 36-27A-1 – Legislative Intent.
Section 36-27A-1 Legislative intent. It is the intent of the Legislature to make available to the public employees and officials of the State of Alabama, or any political subdivision thereof, a public employees’ individual retirement account plan and/or any other tax avoidance or deferral plan permitted by federal law, so as to enable said persons […]