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 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.