Title 16 — Title 16

The Legislature of Alabama hereby finds and determines that the advancement and improvement of higher education in the State of Alabama is a proper governmental function and purpose of the State of Alabama. Additionally, the Legislature of Alabama intends to establish a qualified…

(a) The ACES Program is established as one savings alternative under the plan whereby contributors open ACES savings accounts according to savings agreements for the payment of qualified higher education expenses for a designated beneficiary, as those terms are defined or used in…

(a) Each savings agreement made pursuant to this chapter shall include, but shall not be limited to, the following terms and provisions: (1) The maximum and minimum annual contributions and maximum account balance allowed on behalf of a designated beneficiary. (2) Provisions for …

In addition to any other requirements of this chapter, the Savings Board shall: (1) Make available summary information on the ABLE Program and ACES Program to all contributors to savings agreements. (2) Prepare, or cause to be prepared, an annual accounting of the ABLE Program an…

In the event of dissolution of the ACES Program by the Alabama Legislature, any balances which remain in the ACES Trust Fund and in the ACES Administrative Fund after all costs and liabilities of the ACES Program have been paid, shall be returned to contributors according to savi…

Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015. History: (Act 2010-725, p. 1800, §1.)

Purpose. Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015. History: (Act 2010-725, p. 1800, §2.)

(a) There is annually appropriated from the Education Trust Fund to the PACT Trust Fund the following amounts in the following fiscal years: (1) For the fiscal year ending 2016 -- $33,952,000; (2) For the fiscal year ending 2017 -- $63,622,000; (3) For the fiscal year ending 2018…

Repealed by Act 2012-198, §3, effective April 12, 2012. History: (Act 2010-725, p. 1800, §4.)

On behalf of all current and future postsecondary students, the Legislature strongly encourages all public institutions of higher education to limit any annual percentage increases in mandatory fees and tuition to the average percentage amount such fees and tuition were annually …

Repealed by Act 2012-198, §3, effective April 12, 2012. History: (Act 2010-725, p. 1800, §12.)

This chapter shall be known as the “Wallace-Folsom Savings Investment Plan Act.” History: (Acts 1989, No. 89-862, p. 1717, §2; Act 2001-427, p. 544, §1; Act 2015- 442, §1.)

There is hereby created the Wallace-Folsom Savings Investment Plan as an agency and instrumentality of the State of Alabama. The plan consists of the PACT Program, the ACES Program, and the ABLE Program. The plan shall be administered by the State Treasurer in accordance with the…

In the event that the PACT Program’s Board of Directors receives an actuarial report certifying that any appropriation made in Section 16-33C-14, Section 16- 33C-15, or Section 16-33C-16 is no longer necessary, the PACT Program’s Board of Directors shall certify to the Legislatur…

Any funds in the PACT Trust Fund remaining after the payment of all of the obligations of the fund shall be transferred to the Education Trust Fund in the fiscal year immediately following the year in which the last obligations are met. History: (Act 2010-725, p. 1800, §6.)

Once all benefits or obligations owed to the PACT contract holders have been paid, the PACT Program shall be dissolved and the provisions of this chapter shall be void. History: (Act 2010-725, p. 1800, §13.)

The PACT Board is expressly authorized to negotiate, accept, and implement a legally binding resolution with PACT purchasers and beneficiaries to address any actuarial deficit in the PACT Trust Fund, which includes all powers granted elsewhere in this chapter and all other powers…

(a) The ABLE Program includes the ABLE Trust Fund, and may be marketed under a different name than ABLE. The ABLE Trust Fund is hereby created and comprised of separate ABLE Savings Accounts established pursuant to this chapter. The ABLE Trust Fund receives contributions to ABLE …

(a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of the ABLE Program and ACES Program, the Savings Board, and any person, investment manager, or committee to whom the Savings Board delegates any of its investment auth…

The following terms as used in this chapter shall have the meanings ascribed to them, unless the context clearly indicates otherwise: (1) ABLE PROGRAM. The Achieving a Better Life Experience Program established pursuant to this chapter and defined in Section 529A of the Internal …

(a) The Savings Board shall consist of 11 members as follows: (1) The Lieutenant Governor, or his or her designee. (2) The Executive Director of the Alabama Commission on Higher Education (ACHE), or his or her designee. (3) The State Treasurer. (4) The Chancellor of the Alabama C…

(a) The PACT board shall consist of 15 members as follows: (1) The Director of Finance. (2) The State Treasurer. (3) Two persons appointed by the Governor. (4) Two persons appointed by the Speaker of the House of Representatives, one of whom shall be a PACT contract holder. (5) O…

It is the intent of the Legislature that there be an orderly transition between the current PACT board and the PACT board created in Section 16-33C-4.1. As a result, on June 1, 2010, the PACT-related responsibilities of the current PACT board shall terminate and the term of offic…

In addition to the powers granted by any other provision of this chapter, the Savings Board and PACT board shall have, as agents of the State of Alabama, the powers necessary or convenient to carry out the purposes and provisions of this chapter, to develop and implement the ABLE…

(a) The PACT Program is established as one college savings alternative under the plan whereby purchasers enter into PACT contracts for the future payment of tuition and mandatory fees at eligible educational institutions. The PACT Program includes the PACT Trust Fund and the PACT…

(a) Each PACT contract shall include, but shall not be limited to, the following terms: (1) The amount and the number of contract payments required from a purchaser on behalf of a designated beneficiary. (2) The terms and conditions under which purchasers shall remit contract pay…

In addition to any other requirements of this chapter, the PACT board shall: (1) Make available summary information on the financial condition of the PACT Program to all purchasers of PACT contracts. (2) Prepare, or cause to be prepared, an annual report of the PACT Program, incl…

Repealed by Act 2010-725, p. 1800, §10, effective April 30, 2010. History: (Act 2001-427, p. 544, §2.)