Section 45-8A-22.70 Contributions to fund. - Alabama Statutes

Section 45-8A-22.70

Reasonable and necessary expenses.

(a) Retirement board shall be authorized to pay out of the fund all reasonable and necessary expenses relating or incidental to its duties under this section including, but not limited to the following:

(1) The cost of advertising amendatory or supplementary legislation to this subpart.

(2) The cost of actuarial services hereunder.

(3) The reasonable and necessary cost of investment counselors incidental to the board's management of the retirement fund.

(b) The actual and reasonable cost incurred by members of the retirement board for travel, meals, gratuities, lodging, and registration fees for any seminars or programs attended by the members provided, however, that the retirement board shall approve in advance the board member's participation in such seminar or program as being related to the board member's performance of his/her duties under this subpart in the management of the fund. Within 30 days of the board member attending such school or seminar, receipts for such authorized expenses shall be submitted to the secretary/treasurer of the fund and must be approved by the retirement board. If the expenditures, or any portion thereof, are not approved by the retirement board, the member shall not be reimbursed for the expenditures, or if he or she has been advanced such funds, he or she shall immediately repay the funds to the retirement fund.

(c) Expenses described in subsection (b) shall be limited to three thousand dollars ($3,000) per board member each calendar year.

(d) In no event shall the board members receive any salary or compensation for their services to the board.

(Act 2002-298, p. 815, §11; Act 2002-304, p. 841, §11.)