Executive secretary

There is created an office known as the executive secretary of the Georgia Defined Contribution Plan, and the director of the Employees’ Retirement System of Georgia shall serve as the executive secretary of the plan. (Code 1981, § 47-22-3, enacted by Ga. L. 1992, p. 1288, § 1.) 47-22-4. Administration and operation of plan; records; payment of employees and expenses; investment. (a) The general administration and responsibility for the proper operation of the plan and for putting this chapter into effect are vested in the board. (b) The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public. (c) All persons employed by the board and the expenses of the board in furtherance of this chapter shall be paid from funds appropriated to the plan until such time as the board determines that the return on investments is sufficient to cover such costs. (d) The board may combine the moneys subject to this chapter with other moneys under the control of the board for purposes of investment, provided that a separate accounting is maintained for all moneys subject to 687 47-22-5 this chapter. (Code 1981, § 47-22-4, enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2005, p. 535, § 28/HB 460; Ga. L. 2010, p. 1207, § 59/SB 436.) The 2010 amendment, effective July 1, 2010, deleted former subsections (b) through (d), which read: ‘‘(b) The board shall engage such actuarial and other services as shall be required to transact the business of the plan. ‘‘(c) The board shall designate an actuary who shall be the technical adviser of the board on matters regarding the operation of the plan and shall perform such other duties as are required in connection therewith. ‘‘(d) Subject to the limitations of this chapter, the board shall, from time to time, adopt the plan document and establish rules and regulations for the administration of the plan and for the transaction of business.’’; and redesignated former subsections (e) through (g) as present subsections (b) through (d), respectively. Editor’s notes. — Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: ‘‘The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010.’’ 47-22-5. Trustee of funds of plan; power to invest funds; conflicts of interest as to investments; custody of funds; vouchers. (a) The board shall be the trustee of the funds of the plan; may invest and reinvest such funds; and may hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created under this chapter shall have been invested, as well as the proceeds of such investments and any moneys belonging to such fund, all in such manner as funds of the Employees’ Retirement System of Georgia are invested and reinvested. (b) Except as otherwise provided for in this chapter, no member or person employed by the board shall have a direct interest in the gains or profits of any investment made by the board. No member or employee of the board shall, directly or indirectly, for himself or as an agent, in any manner use the funds of the plan except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of the board become an endorser, surety, or in any manner an obligor for moneys loaned or borrowed from the board. (c) The board shall be the custodian of the funds of the plan. All payments from such funds shall be made by the board only upon vouchers signed by two persons designated by the board. (Code 1981, § 47-22-5, enacted by Ga. L. 1992, p. 1288, § 1.) 688 47-22-9 47-22-6. Legal adviser.