Executive secretary

There is created an office to be known as the executive secretary of the Georgia Military Pension Fund. The director of the Employees’ Retirement System of Georgia shall serve as executive secretary of this fund. (Code 1981, § 47-24-21, enacted by Ga. L. 2002, p. 1153, § 1.) 732 47-24-23 47-24-22. Administration and operation of fund; actuarial and other services; technical adviser; actuarial investigation; rate of interest; rules and regulations; records; payment of employees and expenses. (a) The general administration and responsibility for the proper operation of the fund and for putting this chapter into effect are vested in the board. (b) The board shall engage such actuarial and other services as shall be required to transact the business of the fund. (c) The board shall designate an actuary who shall be the technical adviser of the board on matters regarding the operation of the fund and shall perform such other duties as are required in connection therewith. (d) At least once in each five-year period following the date of establishment, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members of the fund and shall make a valuation of the contingent assets and liabilities of the fund. The board, after taking into account the results of such investigation and valuation, shall adopt for the fund such mortality, service, and other tables as shall be deemed necessary. (e) On the basis of regular interest and tables adopted by the board, the actuary shall make valuations of the contingent assets and liabilities of the fund at least once every three years. (f ) The board shall keep in convenient form such data as shall be necessary for the actuarial valuations of the contingent assets and liabilities of the fund and for checking the experience of the fund. (g) The board shall determine, from time to time, the rate of regular interest for use in all calculations, with the rate of 4 percent per annum applicable unless changed by the board. (h) Subject to the limitations of this chapter, the board shall, from time to time, establish rules and regulations for the administration of the fund and for the transaction of business. (i) The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public. (j) All persons employed by the board and the expenses of the board shall be paid from funds appropriated by the General Assembly. (Code 1981, § 47-24-22, enacted by Ga. L. 2002, p. 1153, § 1; Ga. L. 2003, p. 139, § 1.) 47-24-23. Trustees of funds; power to invest funds; conflicts of interest as to investments; custody of funds; vouchers. (a) The board members shall be the trustees of the funds of the fund; may invest and reinvest such funds; and may hold, purchase, sell, assign, 733 47-24-40 transfer, and dispose of any of the securities and investments in which any of the moneys of the fund 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 herself or as an agent, in any manner use the funds of the fund 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 by or borrowed from the fund. (c) The board shall be the custodian of the funds of the fund. All payments from such funds shall be made by the board only upon vouchers signed by two persons designated by the board. (Code 1981, § 47-24-23, enacted by Ga. L. 2002, p. 1153, § 1; Ga. L. 2003, p. 139, § 1.) 47-24-24. Accumulation account.