Technical advice; annual actuarial valuations

(a) The actuary employed or retained by the department shall provide technical advice to the department and to the board regarding the operation of the fund. (b) Utilizing the actuarial assumptions most recently adopted by the board, the actuary shall set annual actuarial valuations of normal cost, 532 45-18-26 EMPLOYEES’ INSUR. & BENEFITS PLANS 45-18-28 actuarial liability, actuarial value of assets, and related actuarial present values for the state plan for other post-employment benefits. (Code 1981, § 45-18-26, enacted by Ga. L. 2009, p. 49, § 2/SB 122.) 45-18-27. Control of fund by commissioner; obligations to be paid from fund; investment powers; prohibition against personal interest. (a) Subject to the supervision of the board, the commissioner shall have control over the fund established by this part. The obligations provided for in this part and all administrative expenses shall be paid from the fund. The department may expend moneys from the fund for any purpose authorized by this part. (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 part, 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 part. (Code 1981, § 45-18-27, enacted by Ga. L. 2009, p. 49, § 2/SB 122.) 45-18-28. Minimum annual required contributions; employer responsibilities. (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 Part 1 of this article. 533 45-18-28 PUBLIC OFFICERS & EMPLOYEES 45-18-30 (c) It shall be the responsibility of state agencies to make contributions to the fund, subject to appropriations, in accordance with the employer contribution rate established by the board. (d) It shall be the responsibility of all other employers to make contributions to the fund in accordance with the employer contribution rates established by the board. (Code 1981, § 45-18-28, enacted by Ga. L. 2009, p. 49, § 2/SB 122.) ARTICLE 2 DEFERRED COMPENSATION PLANS