Definitions

As used in this chapter, the term: (1) ‘‘Board of regents’’ means the Board of Regents of the University System of Georgia. (2) ‘‘Board of trustees’’ means the Board of Trustees of the Teachers Retirement System of Georgia. (3) ‘‘Earnable compensation’’ means the full rate of regular compensation payable to a participating employee for the employee’s normal working time and includes compensation paid to the employee by an employer from grants or contracts made by outside agencies with the employer. (4) ‘‘Participating employee’’ means an eligible university system employee, as defined in Code Section 47-3-68, who elects to participate in the retirement plan provided for in this chapter pursuant to the 678 47-21-4 provisions of said Code Section 47-3-68. (Code 1981, § 47-21-2, enacted by Ga. L. 1990, p. 1811, § 2.) 47-21-3. Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased. (a) The board of regents is authorized to establish an optional retirement plan under which it may purchase annuity contracts, either fixed or variable or a combination thereof, or shares in one or more mutual funds providing retirement and death benefits which shall become the property of participating employees of the University System of Georgia. (b) The board of regents shall provide for the administration and maintenance of the optional retirement plan authorized by this chapter. (c) The board of regents shall designate at least two but no more than five companies from which contracts will be purchased. In making this designation, the board of regents shall consider the following: (1) The nature and extent of the rights and benefits to be provided by the contracts for participating employees and their beneficiaries; (2) The relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of this chapter; (3) The suitability of the rights and benefits to the needs and interests of participating employees and the University System of Georgia; (4) The ability of the designated companies to provide the rights and benefits under such contracts; and (5) The efficacy of the contracts in the recruitment and retention of faculty and principal administrators. (Code 1981, § 47-21-3, enacted by Ga. L. 1990, p. 1811, § 2; Ga. L. 1995, p. 334, § 2.) 47-21-4. Employee and other contributions.