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.
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