Section 36-26-14 Tax-deferred annuity and deferred compensation programs for salaried state employees. - Alabama Statutes

Section 36-26-14

Tax-deferred annuity and deferred compensation programs for salaried state employees.

(a) The personnel board is hereby authorized and directed to adopt a plan or plans as recommended by the employees of the State of Alabama through the Alabama State Employees Association providing for tax-deferred annuity and deferred compensation programs for the salaried employees of the State of Alabama. The State of Alabama Personnel Board is hereby authorized to adopt and arrange for consolidated billing and efficient administrative services through the Alabama State Employees Association or its designated agent in order that any such plans adopted shall operate without cost to or contribution from the State of Alabama except for the incidental expense of administering the payroll salary-reductions and the remittance thereof to the trustee or custodian of the plan or plans.

(b) Alabama state employees may participate in these plans on a voluntary basis by authorizing in writing to their employer a reduction in their cash remuneration to be placed in annuity contracts.

(c) The Finance Director, Comptroller or other appropriate state official is hereby authorized and directed to initiate payroll deductions for the plans as directed by each employee.

(d) It is expressly provided that any benefits under the provisions of this section shall be in addition to any other benefits provided by law for any employees of the State of Alabama, and this section is specifically made supplemental to and shall be construed in pari materia with the provisions of the employees' retirement law of Alabama.

(Acts 1971, 3rd Ex. Sess., No. 76, p. 4285, §§ 1-4.)