Section 16-26C-5.1

Duties of state superintendent and Chief Executive Officer of Teachers' Retirement System.

(a) Duties of the state superintendent. The duties of the state superintendent shall include all of the following:

(1) Serve as the secretary of the foundation.

(2) Maintain a list of the school systems and trust funds participating in the foundation.

(3) Solicit and encourage participation in the foundation from non-participating public school systems and trust funds at least once annually.

(4) Solicit appropriations as he or she may deem necessary and advisable from the Legislature or the State Board of Education, or both, or other public or private entities, or both, for the benefit and promotion of the foundation.

(5) Solicit additional support and contributions annually from participating school systems.

(6) Develop, print, and disseminate information and promotional materials as deemed appropriate and propitious for distribution to any entity, public or private, in support and promotion of the foundation.

(7) Seek contributions and other forms of support from private businesses, corporations, associations, individuals, trusts, and other private and public interests in support and promotion of the foundation.

(8) Receive applications for Letson Grants from local superintendents and trust fund presidents, when grant funds are available, determine the allocation amount for each applying school system and trust fund based on the criteria established by the Board of Control and this chapter, and transmit the report on allocation amounts to the treasurer.

(9) Work cooperatively with the Chief Executive Officer of the Teachers' Retirement System to promote the foundation.

(10) Develop the necessary forms, in conjunction with the treasurer, for deposits, withdrawals, and refunds from the foundation, as well as develop and disseminate other forms as he or she may deem appropriate.

(11) Notify the treasurer of closures and mergers of school systems and trust funds and the appropriate disposition of the account assets of these closed systems and trust funds.

(12) Perform other duties as he or she may deem appropriate for the benefit and promotion of the foundation.

(b) Duties of the Chief Executive Officer of the Teachers' Retirement System. The duties of the Chief Executive Officer of the Teachers' Retirement System of Alabama shall include all of the following:

(1) Serve as the treasurer of the foundation.

(2) Receive monies from any source for the foundation.

(3) Manage and invest the monies on deposit with the foundation.

(4) Maintain a proper accounting of the funds in the accounts of the foundation.

(5) Work cooperatively with the state superintendent to promote the foundation.

(6) Cause an annual report to be issued on the financial status and successes of the foundation, including an itemized listing of each account and its assets.

(Act 98-319, p. 535, §6.)