For the purposes of this chapter, the following terms shall have the following meanings:
- (1) BENEFICIARY. Any individual who receives a pension, annuity, retirement allowance, or other benefit provided by Chapter 25.
- (2) BOARD OF CONTROL. The Board of Control of the Teachers’ Retirement System established pursuant to Section 16-25-2.
- (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 Education Retirees’ Trust Fund to retirees and beneficiaries of the Teachers’ 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 Teachers’ Retirement System pursuant to Chapter 25 and who satisfies the definitions of retirement and teacher, support personnel, or employee as provided in Section 16-25-1.
- (7) TRUSTEE. A trustee serving on the board of control.
- (8) TRUST FUND. The Education Retirees’ Trust Fund created by this chapter.
(Act 2021-464, §3.)