Section 16-25D-1 – Short Title.
Section 16-25D-1 Short title. This chapter shall be known and may be cited as the Education Retirees’ Trust Fund Funding Act of 2021. (Act 2021-464, §1.)
Section 16-25D-10 – This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Effective August 1, 2021. This Is Not in the Current Code Supplement.
Section 16-25D-10 Diversity requirements. All personnel employed and vendors hired by contract with funds available to the trust fund and trustees under subdivision (b)(4) of Section 36-36-5 shall reflect the racial and ethnic diversity of the state. (Act 2021-464, §10.)
Section 16-25D-2 – Legislative Findings.
Section 16-25D-2 Legislative findings. The Legislature finds that it is advisable for the state to create an irrevocable trust whereby the state may begin funding periodic bonus checks for Alabama retired education employees. Therefore, the Teachers’ Retirement System Board of Control shall create an irrevocable trust named the Education Retirees’ Trust Fund in accordance with […]
Section 16-25D-3 – Definitions.
Section 16-25D-3 Definitions. For the purposes of this chapter, the following terms shall have the following meanings: (1) BENEFICIARY. Any individual who receives a pension, annuity, retirement allowance, or other benefit provided by Chapter 25. (2) BOARD OF CONTROL. The Board of Control of the Teachers’ Retirement System established pursuant to Section 16-25-2. (3) FISCAL […]
Section 16-25D-4 – Education Retirees’ Trust Fund.
Section 16-25D-4 Education Retirees’ Trust Fund. (a) There is created the Education Retirees’ Trust Fund evidenced by a written trust instrument, the terms and conditions of which shall be determined by the board of control creating the trust fund. (b) The trust shall be managed and controlled by its trustees. The trustees shall serve without […]
Section 16-25D-5 – Liability, Immunity, and Indemnification of Trustees.
Section 16-25D-5 Liability, immunity, and indemnification of trustees. (a) A trustee may not be any of the following: (1) Personally liable for any liability, loss, or expense suffered by the trust fund, unless the liability, loss, or expense arises out of, or results from, conduct described in Section 36-1-12. (2) Responsible for the adequacy of […]
Section 16-25D-6 – Board of Control.
Section 16-25D-6 Board of control. (a) The board of control, through the trustees, shall have all powers necessary for the management and control of the trust fund and to carry out and effectuate the purposes of this chapter including, but not limited to, the following: (1) To adopt, alter, and repeal rules for the operation […]
Section 16-25D-7 – Source of Funding; Use of Assets; Amendment or Modification of Trust Fund; Tax Exemption; Annual Financial Statements.
Section 16-25D-7 Source of funding; use of assets; amendment or modification of trust fund; tax exemption; annual financial statements. (a)(1) The sources of funding to the trust fund may consist of all of the following: a. Investment income. b. Proceeds of any gifts, grants, or contributions. c. Revenue sources as directed by the Legislature. d. […]
Section 16-25D-8 – Investment of Funds; Operation of Trust Fund.
Section 16-25D-8 Investment of funds; operation of trust fund. (a) It is the intent of the Legislature that the Teachers’ Retirement System invest the funds of the trust fund and the trustees operate the trust fund in compliance with the Internal Revenue Code in a manner that could allow the trust fund to maximize investment […]
Section 16-25D-9 – Construction of Article.
Section 16-25D-9 Construction of article. Nothing in this chapter shall be construed to define or otherwise grant any right or privilege to periodic bonus checks or other pension benefits to any person other than those periodic bonus checks, rights, and privileges previously or already granted to employees and retired employees and their beneficiaries by the […]