§ 36-27E-6 — Powers of Board of Control; Expenses

Alabama § 36-27E-6

• Jurisdiction: Alabama
• Title 36: Public Officers and Employees
• Ch. 27E: State Employee Retirees’ Trust Fund Funding Act of 2022

Text

(a) The board of control, through the trustees, shall have all powers necessary for the management and control of the trust fund and to carry out and effectuate the purposes of this chapter including, but not limited to, the following:
(1) To adopt, alter, and repeal rules for the operation and conduct of the affairs and business of the trust fund.
(2) To make, enter into, and execute contracts, agreements, and other instruments and to take other actions as necessary for the management and operation of the trust fund, to accomplish any purpose for which the trust fund was created, or to exercise any power granted by this chapter.
(3) To enter into contracts with, to accept aid and grants from, to cooperate with, and to do any and all things necessary to avail the trust fund of the aid and cooperation of the United States, the state, or any agency, instrumentality, or political subdivision of either, in furtherance of the purposes of this chapter.
(4) To appoint, employ, and contract with employees, agents, advisors, and consultants including, but not limited to, attorneys, accountants, actuaries, financial experts, and other advisors, consultants, and agents as determined necessary by the trustees and to establish any compensation to be paid from the funds of the trust fund.
(5) To invest the funds of the trust fund in any permitted investment.
(b) The expenses of making and disposing of investments, including brokerage commissions, legal expenses referable to a particular transaction, transfer taxes, and other customary transactional expenses with respect to a trust shall be payable out of the funds of the trust fund.

Legislative History

(Act 2022-349, §6.)