Commissioner authority; investment powers; prohibition of personal interest

(a) Subject to the supervision of the board, the commissioner shall have control over the fund established by this subpart. The obligations provided for in this subpart and all administrative expenses shall be paid from the fund. The department may expend moneys from the fund for any purpose authorized by this subpart. (b) Subject to the supervision of the board, the commissioner shall have full power to invest and reinvest its assets, subject to all of the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of Title 47, the “Public Retirement Systems Investment Authority Law” for large retirement systems. Subject to such terms, conditions, limitations, and restrictions, the commissioner shall have full power to hold, purchase, sell, assign, transfer, and dispose of any securities and investments in which any of the moneys are invested, including the proceeds of any investments and other moneys belonging to the fund. The records maintained by the fund shall have the same exemption from public inspection as that provided in Code Section 47-1-14. (c) Except as otherwise provided in this subpart, no member of the board or employee of the department shall have any personal interest in the gains or profits from any investment made by the board or use the assets of the fund in any manner, directly or indirectly, except to make such payments as may be authorized by the board or by the commissioner as the executive officer of the board in accordance with this subpart. 736 20-2-878 ELEMENTARY & SECONDARY EDUC. T.2, C.2, A.17, P.6, S.1 History. Code 1981, § 20-2-878, enacted by Ga. L. 2009, p. 49, § 1/SB 122. 20-2-879. Minimum annual required contributions; employer obligations. (a) The board shall annually determine the minimum annual required contributions sufficient to maintain the fund in an actuarially sound manner in accordance with Governmental Accounting Standards Board Statement No. 43 or any subsequent Governmental Accounting Standards Board statements that may be applicable to the fund. (b) The board may annually establish required employer contributions to the fund which are supplemental to required employer contributions to the health plans as set forth in Subparts 2 and 3 of this part. (c) It shall be the responsibility of employers to make contributions to the fund in accordance with the employer contribution rates established by the board. History. Code 1981, § 20-2-879, enacted by Ga. L. 2009, p. 49, § 1/SB 122. Subpart 2 Plan for Public School Teachers