Alabama Code 16-25D-2. Legislative findings
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 16-25D-2
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
The Legislature finds that it is advisable for the state to create an irrevocable trust whereby the state may begin funding periodic bonus checks for Alabama retired education employees. Therefore, the Teachers’ Retirement System Board of Control shall create an irrevocable trust named the Education Retirees’ Trust Fund in accordance with this chapter.