Alabama Code 36-27B-5. Certification of decrease in rate of employer contributions; chapter may become effective after resolution; funding program
Terms Used In Alabama Code 36-27B-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: means next after. See Alabama Code 1-1-1
- Joint resolution: A legislative measure which requires the approval of both chambers.
Should the actuaries employed by the respective Boards of Control certify a decrease in the rate of employer contributions as set forth in subdivisions (3) and (5) of Section 16-25-21 and subsections (d) and (f) of Section assets of retirement system – Creation; composition; disposition of funds; appropriations” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”36″>36-27-24, the Boards of Control may by joint resolution declare the provisions of this chapter to become effective on October 1 next following the adoption of said resolution. Amounts sufficient to fund the provisions of this chapter shall thereafter be made in the same manner as the regular appropriations to the Teachers’ and Employees’ Retirement Systems, and shall be deposited in the fund established in Section 36-27B-2.