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AL HB578
Bill
Status
3/5/2014
Primary Sponsor
Dan Williams
Click for details
AI Summary
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Amends Section 36-36-6, Code of Alabama 1975, to increase the maximum annual distribution limit from the Alabama Retired Education Employees' Health Care Trust from 10% to 20% of the fair market value of trust assets.
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The distribution limit is calculated based on the fair market value of trust assets as of the last business day of the immediately preceding fiscal year.
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No distributions may be made during the first fiscal year of the trust.
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The act becomes effective immediately upon passage and approval by the Governor, or upon otherwise becoming law.
Legislative Description
Alabama Retired Education Employees' Health Care Trust, percentage of full market value of trust allowed to be distributed, increased, Sec. 36-36-6 am'd.
Health
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
3/5/2014