Title 47 — Title 47
0 chapters · 311 sections in this title.
O.C.G.A. § 47-20-1 Short title
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This chapter shall be known and may be cited as the ‘‘Public Retirement Systems Standards Law.’’ (Code 1981, § 47-20-1, enacted by Ga. L. 1983, p. 1368, § 1.)
O.C.G.A. § 47-20-10 Minimum annual employer contribution
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(a) In order to assure the actuarial soundness of each retirement system, the minimum annual employer contribution for each retirement system, unless excepted by Code Section 47-20-13, shall be the sum of the amounts determined under paragraphs (1), (2), and (3) of this subsectio…
O.C.G.A. § 47-20-10.1 Other post-employment benefits
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(a) Political subdivisions are authorized to establish plans to provide for payment of other post-employment benefits, as defined by Governmental Accounting Standards Board Statements Number 43 and Number 45 for their eligible present and future retirees and other related expense…
O.C.G.A. § 47-20-13 Financially sound systems exempt from minimum funding standards
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The minimum funding standards specified by Code Section 47-20-10 shall not apply to a retirement system which holds actuarial assets in excess of 150 percent of the actuarial present value of the accumulated retirement system benefits. (Code 1981, § 47-20-13, enacted by Ga. L. 19…
O.C.G.A. § 47-20-2 Legislative purpose
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It is the purpose of this chapter to comply with the provisions of Article III, Section X, Paragraph V of the Constitution of Georgia requiring the General Assembly to enact legislation to define funding standards to assure the actuarial soundness of any retirement or pension sys…
O.C.G.A. § 47-20-3 Definitions
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As used in this chapter, the term: (1) ‘‘Accumulated retirement system benefits’’ means benefits that are attributable under the provisions of a retirement system to employees’ service rendered to a specific valuation date. (2) ‘‘Actuarial accrued liability’’ means that portion, …
O.C.G.A. § 47-20-30 Definitions
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As used in this article, the term: (1) ‘‘Amendment’’ means any amendment, including a substitute bill, made to a retirement bill by any committee of the House or Senate or by the House or Senate. 654 47-20-31 (2) ‘‘LC number’’ means that number preceded by the letters ‘‘LC’’ assi…
O.C.G.A. § 47-20-32 Prerequisites to introduction of nonfiscal retirement bill
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As a condition precedent to the introduction of any retirement bill, the member of the General Assembly who intends to be the primary sponsor of the bill must present an exact copy of the proposed bill, which must bear an LC number, to the state auditor. The state auditor shall d…
O.C.G.A. § 47-20-33 Amendment of a nonfiscal retirement bill
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(a) A nonfiscal retirement bill may be introduced at any time during the first 20 days of any regular session of the General Assembly. After its introduction into the General Assembly, a nonfiscal retirement bill may not be amended in any manner to cause the bill to become a reti…
O.C.G.A. § 47-20-34 Introduction of bill and preliminary consideration by committee
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(a) Any retirement bill having a fiscal impact may be introduced in the General Assembly only during the regular session which is held during the first year of the term of office of members of the General Assembly. Any such retirement bill may be passed by the General Assembly on…
O.C.G.A. § 47-20-35 Perfection of bill by committee; actuarial investigation
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(a) A retirement bill having a fiscal impact which the committee wishes to consider shall first be perfected, if necessary, by the committee. The committee may delay further consideration of the bill until after the close of the regular session during which the bill was introduce…
O.C.G.A. § 47-20-37 Introduction of bill and preliminary consideration by committee
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Perfection of bill by committee; actuarial investigation. Scope of actuarial investigation; certificate and summary of investigation attached to bill. Consideration of bill on the floor; approval of amendments by state auditor; effect of passing bill in violation of this article.…
O.C.G.A. § 47-20-4 Short title
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Legislative purpose. Definitions. Publicly funded retirement system subject to chapter; not applicable to defined contribution retirement system. Retirement bills must carry legislative counsel number when introduced; changes in bills prior to introduction. Part 2 Nonfiscal Retir…
O.C.G.A. § 47-20-50.1 Report of funding of retirement bills having a fiscal impact; publication
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47-20-51. Accrued retirement benefits are not created, enhanced, or diminished by this chapter. Retirement Bills in General Assembly Article 6 Miscellaneous Part 1 General Provisions 47-20-30. 47-20-60. Definitions.
O.C.G.A. § 47-20-60 Definitions
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641 State auditor authorized to provide personnel to carry out duties under chapter; funds au- T.47, C.20 RETIREMENT AND PENSIONS Sec. 47-20-61. 47-20-62. 47-20-63. 47-20-64. thorized; cooperation of state officials, agencies, and employees. Certificates and summaries of actuaria…
O.C.G.A. § 47-20-64 Exemption for 1991 bill amending Code Section 47-1-30
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Repealed by Ga. L. 1994, p. 315, § 2, effective July 1, 1994. Editor’s notes. — This Code section was based on Ga. L. 1991, p. 356, § 1. ARTICLE 7 PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY LAW 47-20-80. Short title.
O.C.G.A. § 47-20-80 Short title
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This article shall be known and may be cited as the ‘‘Public Retirement Systems Investment Authority Law.’’ (Code 1981, § 47-20-80, enacted by Ga. L. 2000, p. 2, § 2.) 665 47-20-83 47-20-81. Fund defined; applicability.
O.C.G.A. § 47-20-81 Fund defined; applicability
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(a) As used in this article, the term ‘‘fund’’ means the investment fund of any public retirement system or pension system supported wholly or partially from public funds. Such term shall include any pool of such funds for investment purposes. (b) The provisions of this article s…
O.C.G.A. § 47-20-82 Investing funds; eligibility; investment limitation
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(a) Funds shall invest in or lend their assets on the security of, and shall hold as invested assets, only eligible investments as prescribed in this article. (b) Eligibility of an investment shall be determined as of the date of its making or acquisition. (c) Any investment limi…
O.C.G.A. § 47-20-84 Large retirement systems
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(a) As used in this Code section, the term ‘‘large retirement system’’ means: (1) Any retirement system created by this title which has an accumulated unfunded actuarial accrued liability not greater than 25 percent of the total of its assets; (2) The Georgia Municipal Employees …
O.C.G.A. § 47-20-85 Compliance
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Notwithstanding any provision of the federal Secondary Mortgage Market Enhancement Act, 15 U.S.C. Section 77r-1, to the contrary, any fund subject to the provisions of this article shall comply with all provisions, restrictions, and limitations concerning investments provided in …
O.C.G.A. § 47-20-86 Enforcement
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This article shall be enforced as provided in Article 3 of this chapter. (Code 1981, § 47-20-86, enacted by Ga. L. 2000, p. 2, § 2.) 677 T.47, C.21 CHAPTER 21 REGENTS RETIREMENT PLAN Sec. 47-21-6. Article 1 General Provisions Sec. 47-21-1. 47-21-2. 47-21-3. 47-21-4. 47-21-5. 47-2…