Title 36 — Title 36
0 chapters · 1,118 sections in this title.
Ala. Code § 36-27E-1 Short Title
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This chapter shall be known and may be cited as the State Employee Retirees’ Trust Fund Funding Act of 2022. History: (Act 2022-349, §1.)
Ala. Code § 36-27E-10 Diversity of Personnel Employed and Vendors Hired
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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. History: (Act 2022-349, §10.)
Ala. Code § 36-27E-2 Legislative Findings
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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 state employees. Therefore, the State Employees’ Retirement System Board of Control shall create an irrevocable tr…
Ala. Code § 36-27E-3 Definitions
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For the purposes of this chapter, the following terms have the following meanings: (1) BENEFICIARY. Any individual who receives a pension, annuity, retirement allowance, or other benefit provided by Chapter 27. (2) BOARD OF CONTROL. The Board of Control of the State Employees’ Re…
Ala. Code § 36-27E-4 Creation, Management, and Control of State Employee Retirees’ Trust Fund
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(a) There is created the State Employee 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…
Ala. Code § 36-27E-5 Liability of Trustees
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(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 th…
Ala. Code § 36-27E-6 Powers of Board of Control; Expenses
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(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 th…
Ala. Code § 36-27E-7 Sources of Funding; Agreements; Transfer of Funds; Amendment or Modification of Trust Fund; Exemption from Taxation;
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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. Revenue sources other than direct appr…
Ala. Code § 36-27E-8 Legislative Intent
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(a) It is the intent of the Legislature that the State Employees’ 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 earnings …
Ala. Code § 36-27E-9 Construction of Chapter
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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 em…