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

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Terms Used In Alabama Code 16-26D-5

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • following: means next after. See Alabama Code 1-1-1
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • Trustee: A person or institution holding and administering property in trust.
(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.
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