Terms Used In Alabama Code 45-37-123.24

  • Contract: A legal written agreement that becomes binding when signed.
  • Trustee: A person or institution holding and administering property in trust.

The pension board may allocate responsibilities among the members of the pension board and/or may delegate responsibilities to third parties. The pension board may employ, appoint, or contract with additional employees, administrators, managers, counsel, specialists, advisers, agents, including nonfiduciary agents, and other persons as the pension board or the trustee deems necessary or desirable in connection with the administration of the plan, including, but not limited to, agents and advisers to assist with the administration and management of the plan, and thereby to provide, among such other duties as the pension board may appoint, assistance with maintaining plan records and the providing of investment information to the plan’s investment fiduciaries, and none of such persons shall be subject to the civil service system.