Code of Alabama - Title 16: Education - Chapter 25C - 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 Revenue...
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 Contribution...
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 by...
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 this...
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 board.
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 person...
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 plans...
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 may...
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 Teachers'...

Last modified: May 3, 2021