Section 36-36-1 Legislative findings. The Legislature of Alabama hereby finds and determines that the funding of accrued and accruing health care benefits to retired employees and their dependents is a proper governmental function and purpose of the state. The Governmental Accounting Standards Board has issued Statements 43 and 45, which set forth standards on accounting […]
Section 36-36-10 Permanent legislative oversight committee. REPEALED IN THE 2018 REGULAR SESSION BY ACT 2018-152 EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (Act 2007-16, 1st Sp. Sess., p. 25, §10.)
Section 36-36-11 Racial and ethnic diversity. All personnel employed and vendors hired by contract with funds available to the trusts and trustees under the provisions of subdivision (4) of subsection (b) of Section 36-36-5 shall reflect the racial and ethnic diversity of the state. (Act 2007-16, 1st Sp. Sess., p. 25, §11.)
Section 36-36-2 Short title. The name of this chapter is the Alabama Retiree Health Care Funding Act of 2007. (Act 2007-16, 1st Sp. Sess., p. 25, §2.)
Section 36-36-3 Definitions. As used in this chapter, the following words and phrases shall have the following respective meanings: (1) ALABAMA RETIRED EDUCATION EMPLOYEES’ HEALTH CARE TRUST. The Alabama Retired Education Employees’ Health Care Trust created by the state and the Public Education Employees’ Health Insurance Board pursuant to this chapter. (2) ALABAMA RETIRED STATE […]
Section 36-36-4 Trust instrument; trustees. The trusts created pursuant to this chapter shall be evidenced by a written trust instrument, the terms and conditions of which shall be determined by the board creating such trust and the Governor on behalf of the state as long as such terms and conditions do not conflict with this […]
Section 36-36-5 Management and control of trust; powers of trustees; payment of expenses. (a) The trusts shall be under the management and control of their respective trustees. All powers necessary or otherwise advisable for the management and control of the trusts shall be vested solely in the respective trustees. (b) The trustees shall have all […]
Section 36-36-6 Sources of funding; use of assets; distributions; modification and termination of trusts; taxation; financial statement. (a) The sources of funding to the Alabama Retired State Employees’ Health Care Trust may be: (1) appropriations made by the Legislature; (2) contributions by employees and retired employees; (3) employer contributions; (4) investment income; (5) proceeds of […]
Section 36-36-7 Legislative intent. It is the intent of the Legislature that the state and the boards establish and the trustees operate the trusts in compliance with the Internal Revenue Code of the United States of America in a manner which would allow the trusts to maximize investment earnings while minimizing the costs to the […]
Section 36-36-8 Liability of trustees. (a) A trustee shall not be: (1) personally liable for any liability, loss, or expense suffered by the trust, unless such liability, loss, or expense arises out of or results from the willful misconduct or intentional wrongdoing of such trustee; (2) responsible for the adequacy of the trust to meet […]
Section 36-36-9 Applicability of chapter. Nothing in this chapter shall be construed to define or otherwise grant any right or privilege to health care benefits or other post-employment benefits to any person other than those health care benefits or other post-employment benefits, rights, and privileges previously or already granted to employees and retired employees and […]
