Section 36-27C-1 Legislative intent. It is the intent of the Legislature to make available to participants a defined contribution plan as described in Section 401 of the Internal Revenue Code, so as to enable the participants to conveniently and economically receive the fullest benefits offered by federal tax law as it relates to qualified defined […]
Section 36-27C-2 Definitions. As used in this chapter, the following terms have the following meanings: (1) BOARD. The Board of Control of the Public Employees Defined Contribution Savings Fund. (2) ELIGIBLE EMPLOYER. An employer or other entity who compensates a participant for the public service. (3) FUND. The Public Employees’ Defined Contribution Savings Fund. (4) […]
Section 36-27C-3 Fund; creation; board of control. The Public Employees’ Defined Contribution Savings Fund is created. The fund shall be administered by a board of control of seven individuals appointed by the Alabama State Employees’ Association. (Act 2001-704, p. 1562, §1.)
Section 36-27C-4 Operation of board. (a) At its first meeting, the board shall elect one of its members as chair. (b) The board may adopt regulations necessary to implement this chapter. Regulations adopted are exempt from the Alabama Administrative Procedure Act. (c) The board may contract with one or more entities for the daily operation […]
Section 36-27C-5 Investments. To the extent not in conflict with the Internal Revenue Code, all investments shall be subject to any limitations established and adopted by the board. (Act 2001-704, p. 1562, §1.)
Section 36-27C-6 Participation. (a) Participation in this fund shall be voluntary under regulations adopted by the board and in accordance with the Internal Revenue Code. (b) Any person who becomes ineligible for participation in the fund due to the termination of his or her employment with an eligible employer, or due to other reasons, may […]
Section 36-27C-7 Contributions. (a)(1) By September 1 of each year, the board, based on the funds appropriated by the Legislature for employer contributions to defined contribution savings plans for the ensuing fiscal year and the number of participants, shall determine the maximum amount of employer match contribution available for each participant. Nothing in this chapter […]
Section 36-27C-8 Administrative cost. The administrative cost for the operation of the fund shall be provided through investment earnings or contributions to the fund. No additional state funds may be used to administer this chapter. (Act 2001-704, p. 1562, §1.)
Section 36-27C-9 Relation to other retirement provisions. Nothing in this chapter shall limit or otherwise lessen the State of Alabama’s, current or future, obligation to fund the Employees’ Retirement System, the Teachers’ Retirement System, or the Judicial Retirement Fund. The provisions of this chapter, in whole or in part, may not be used to allow […]
