Section 45-37-123.150 - Amendments(a) The pension board shall have the right at any time to amend the plan, subject to the limitations of this section. Any amendment shall be consistent with the act, any other legislation relating to the system, or consistent with other authority granted to the pension board. Additionally, in the event that the Legislature amends the act or makes other statutory changes that impact the terms of the plan, the pension board , subject to applicable law, may cause the plan to be amended as necessary to reflect the legislation. (b) Any amendment which affects the rights, duties, or responsibilities of the trustee may only be made with the trustee's written consent. Any such amendment shall become effective as provided therein upon its execution. The trustee shall not be required to execute any such amendment unless the amendment affects the duties of the trustee hereunder.(c) Except as otherwise specifically provided for herein, no amendment to the plan shall be effective if it authorizes or permits any part of the trust fund, other than such part as is required to pay taxes and administration expenses, to be used for or diverted to any purpose other than for the exclusive benefit of the members or their designated beneficiaries or estates.Ala. Code § 45-37-123.150 (1975)
Amended by Act 2024-260,§ 1, eff. 6/1/2024. Act 2013-415, p. 1586, § 2 :7.1.