Code of Alabama - Title 16: Education - Chapter 33C - Wallace-folsom Prepaid College Tuition Trust Fund

• Section 16-33C-1 Legislative intent
  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...
• Section 16-33C-2 Short title
  This chapter shall be known as the "Wallace-Folsom Savings Investment Plan Act."
• Section 16-33C-2.1 Creation and administration of plan
  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...
• Section 16-33C-3 Definitions
  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...
• Section 16-33C-4 Composition of ACES board
  (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...
• Section 16-33C-4.1 Composition of PACT board
  (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...
• Section 16-33C-4.2 Transition for PACT board
  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...
• Section 16-33C-5 Powers of board
  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...
• Section 16-33C-6 PACT Program generally
  (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...
• Section 16-33C-7 PACT contracts
  (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...
• Section 16-33C-8 Additional PACT duties of board
  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...
• Section 16-33C-9 Dissolution of PACT Program
  Repealed by Act 2010-725, p. 1800, §10, effective April 30, 2010.
• Section 16-33C-10 ACES Program generally
  (a) The ACES Program is established as one college savings alternative under the plan whereby contributors open ACES savings accounts according to savings agreements for...
• Section 16-33C-11 ACES savings agreements
  (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...
• Section 16-33C-12 Additional duties of Savings Board
  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...
• Section 16-33C-13 Dissolution of ACES Program
  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...
• Section 16-33C-14 Appropriations from the Education Trust Fund to the PACT Program
  Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015.
• Section 16-33C-15 Appropriations from the Education Trust Fund to the PACT Trust Fund; purpose
  Repealed by Act 2015-538, 2nd Sp. Sess., §2, effective September 17, 2015.
• Section 16-33C-16 Appropriations from the Education Trust Fund to the PACT Trust Fund
  (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...
• Section 16-33C-17 Charge of mandatory fees or tuition per credit hour
  Repealed by Act 2012-198, §3, effective April 12, 2012.
• Section 16-33C-18 Limits on increase in mandatory fees and tuition
  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...
• Section 16-33C-19 Changes to PACT rules, procedures, or policies
  Repealed by Act 2012-198, §3, effective April 12, 2012.
• Section 16-33C-20 Certification that appropriations no longer necessary
  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-21 Disposition of funds
  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...
• Section 16-33C-22 Dissolution of PACT Program
  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...
• Section 16-33C-23 Actuary deficits
  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...
• Section 16-33C-24 ABLE Program generally
  (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...
• Section 16-33C-25 Administration of programs
  (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...

Last modified: May 3, 2021