Chapter 1 - Public Education Defined Contribution Savings Plan
- Section 16-25C-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 ...
- Section 16-25C-2 Definitions
As used in this chapter, the following terms have the following meanings: (1) BOARD. The Board of Control of the Public Education Employees' Defined ...
- Section 16-25C-3 Fund; creation; board of control
The Public Education Employees' Defined Contribution Savings Fund is created. The fund shall be administered by a board of control of seven individuals appointed ...
- Section 16-25C-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 ...
- Section 16-25C-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 ...
- Section 16-25C-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 ...
- Section 16-25C-7 Contributions
(a)(1) By July 1 of each year, the board, based on the funds appropriated by the Legislature for employer contributions to defined contribution savings ...
- Section 16-25C-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 ...
- Section 16-25C-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 ...
