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 Savings Fund.

Terms Used In Alabama Code 16-25C-2

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • following: means next after. See Alabama Code 1-1-1
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
(2) ELIGIBLE EMPLOYER. An employer or other entity who compensates a participant for the public service.
(3) FUND. The Public Education Employees’ Defined Contribution Savings Fund.
(4) PARTICIPANT. A person who elects to participate in the fund who makes voluntary employee contributions into a 457 deferred compensation plan or a 403(b) tax sheltered annuity plan and who is a member of the Teachers’ Retirement System.
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