Alabama § 36-27B-5 Certification of Decrease in Rate of Employer Contributions; Chapter May Become Effective After Resolution; Funding Program

Alabama Statutes

§ 36-27B-5 — Certification of Decrease in Rate of Employer Contributions; Chapter May Become Effective After Resolution; Funding Program

Alabama·Title 36 Public Officers and Employees·Ch. 27B Preretirement Death Benefit Program

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 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.

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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 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.

Alabama § 36-27B-5 (Certification of Decrease in Rate of Employer Contributions; Chapter May Become Effective After Resolution; Funding Program) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.