§ 16-25-45 — Appropriations; Funding for Benefits

Alabama § 16-25-45

• Jurisdiction: Alabama
• Title 16: Education
• Ch. 25: Teachers’ Retirement System
• Art. 2: Cost of Living Increase Where Effective Date of Retirement Prior to October 1, 1987

Text

(a) There is hereby appropriated from the Education Trust Fund to the Teachers’ Retirement System of Alabama $7,276,740 for the fiscal year beginning October 1, 1988, or such amounts as are necessary to carry out the provisions of this section as it relates to the Teachers’ Retirement System.
(b) There is hereby appropriated from the Education Trust Fund to the Employees’ Retirement System $22,500 for the fiscal year beginning October 1, 1988, or such amounts as are necessary to carry out the provisions of this section as they relate to retired employees of local boards of education and state institutions of higher education who are retired under the Employees’ Retirement System.
(c) The Board of Control of the Teachers’ Retirement System shall determine annually the amount to pay the cost of the benefits provided in this article and shall notify the chief fiscal officer of each employer the percentum rate of earnable compensation of the members required to be paid the retirement system. Each employer of members of the Teachers’ Retirement System of Alabama shall pay on account of the increases provided in this article in the same manner and from the same source of funds as is provided in Section 16-25-21, it being the intent of the Legislature that the cost of providing the increases provided in this article shall be distributed from all funds in proportion to the salaries paid therefrom for active members.

Legislative History

(Acts 1988, No. 88-600, p. 932, §6; Acts 1995, No. 95-538, p. 1100, §5.)