Alabama § 16-25D-5 Liability, Immunity, and Indemnification of Trustees

Alabama Statutes

§ 16-25D-5 — Liability, Immunity, and Indemnification of Trustees

Alabama·Title 16 Education·Ch. 25D Education Retirees’ Trust Fund Funding Act of 2021

(a)A trustee may not be any of the following:

(1)Personally liable for any liability, loss, or expense suffered by the trust fund, unless the liability, loss, or expense arises out of, or results from, conduct described in Section 36-1-12.

(2)Responsible for the adequacy of the trust fund to meet and discharge any obligation under the relevant pension plan.

(3)Required to take action to enforce the payment of any contribution or appropriation to the trust fund.

(b)A trustee is immune from suit to the same extent as the state, its agencies, officers, and employees.

(c)A trustee may be indemnified by the trust fund and from funds of the trust fund against costs, liabilities, losses, damages, and expenses including, but not limited to, attorney’s fees, as may be more fully provided in a

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(a) A trustee may not be any of the following:
(1) Personally liable for any liability, loss, or expense suffered by the trust fund, unless the liability, loss, or expense arises out of, or results from, conduct described in Section 36-1-12.
(2) Responsible for the adequacy of the trust fund to meet and discharge any obligation under the relevant pension plan.
(3) Required to take action to enforce the payment of any contribution or appropriation to the trust fund.
(b) A trustee is immune from suit to the same extent as the state, its agencies, officers, and employees.
(c) A trustee may be indemnified by the trust fund and from funds of the trust fund against costs, liabilities, losses, damages, and expenses including, but not limited to, attorney’s fees, as may be more fully provided in a respective trust fund agreement, unless the cost, liability, loss, damage, or expense arises out of, or results from, the willful misconduct or intentional wrongdoing of the trustee.

Alabama § 16-25D-5 (Liability, Immunity, and Indemnification of Trustees) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.