For the purposes of this chapter, the following terms have the following meanings:

(1) BENEFICIARY. Any individual who receives a pension, annuity, retirement allowance, or other benefit provided by Chapter 27.
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Terms Used In Alabama Code 36-27E-3

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: means next after. See Alabama Code 1-1-1
  • 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.
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(2) BOARD OF CONTROL. The Board of Control of the State Employees’ Retirement System established pursuant to Section 36-27-2.
(3) FISCAL YEAR. The fiscal year of the state as may from time to time be provided by law.
(4) PERIODIC BONUS CHECKS. Periodic bonus checks granted by the State Employee Retirees’ Trust Fund to retirees and beneficiaries of the State Employees’ Retirement System.
(5) PERMITTED INVESTMENTS. All assets and properties in which the Retirement Systems of Alabama may invest as permitted by law.
(6) RETIRED EMPLOYEE. A former employee who is a participant in the State Employees’ Retirement System pursuant to Chapter 27 and who satisfies the definitions of retirement and employee as provided in Section 36-27-1.
(7) TRUSTEE. A trustee serving on the Board of Control.
(8) TRUST FUND. The State Employee Retirees’ Trust Fund created by this chapter.
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