As used in this chapter, the following terms have the following meanings:

(1) BOARD. The Board of Control of the Public Employees Defined Contribution Savings Fund.

Terms Used In Alabama Code 36-27C-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
  • 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
(2) ELIGIBLE EMPLOYER. An employer or other entity who compensates a participant for the public service.
(3) FUND. The Public 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 or a 403(b) tax sheltered annuity plan, who is not a public school employee and who meets any of the following requirements:

a. Is a member of the Teachers’ Retirement System.
b. Is a member of the Employees’ Retirement System.
c. Is a member of the Judicial Retirement Fund.
d. Is an employee of an employer eligible to participate in the Employees’ Retirement System pursuant to Section 36-27-6 which elects to participate.
e. Is a public official or public employee of the State of Alabama or any political subdivision thereof. As used in this chapter, “public official” does not include a person holding an elected state or local office.
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