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Georgia Statutes, Title 47

Georgia/Statutes

← All Georgia coverage

Title 47

22 chapters · 673 sections in this title.

All chapters in Title 47673 Ch 2, EMPLOYEES’ RETIREMENT SYSTEM OF GEORGIA130 Ch 3, TEACHERS RETIREMENT SYSTEM OF GEORGIA69 Ch 23, GEORGIA JUDICIAL RETIREMENT SYSTEM49 Ch 1, GENERAL PROVISIONS41 Ch 7, GEORGIA FIREFIGHTERS’ PENSION FUND38 Ch 16, SHERIFFS’ RETIREMENT FUND OF GEORGIA31 Ch 20, PUBLIC RETIREMENT SYSTEMS STANDARDS31 Ch 4, PUBLIC SCHOOL EMPLOYEES RETIREMENT S…28 Ch 12, DISTRICT ATTORNEYS EMERITUS AND THE …27 Ch 17, PEACE OFFICERS’ ANNUITY AND BENEFIT FUND26 Ch 5, GEORGIA MUNICIPAL EMPLOYEES BENEFIT …24 Ch 8, SUPERIOR COURT JUDGES RETIREMENT FUN…24 Ch 14, SUPERIOR COURT CLERKS’ RETIREMENT FU…23 Ch 6, GEORGIA LEGISLATIVE RETIREMENT SYSTEM21

31 sections·Filtered byTitle 47✕Ch 20✕

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. § 47-20-2 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. § 47-20-4 Publicly funded retirement system subject to chapter; not applicable to defined contribution retirement system
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Any other provision of law to the contrary notwithstanding, any public retirement system or pension fund supported wholly or partially by public funds shall be subject to the provisions of this chapter. This Code section applies, without limitation, to the Georgia Municipal Emplo…

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. § 47-20-20 Freezing of benefits and other provisions; amount of annual employer contribution

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(a) In the case of a retirement system of a political subdivision, unless excepted by Code Section 47-20-13, neither the local governing authority by ordinance or resolution or other action nor the retirement system administrator shall take any action on or after January 1, 1984,…

O.C.G.A. § 47-20-21 Triennial actuarial investigations; penalties for violations shown; list of local systems not in conformance reported triennially

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(a) The retirement system administrator of each retirement system of a political subdivision shall comply fully with the requirements of Code Section 47-1-3 requiring the employment of an actuary and the completion of actuarial investigations once every three years. In addition t…

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. (2) ‘‘LC number’’ means that number preceded by the letters ‘‘LC’’ assigned to a bil…

O.C.G.A. § 47-20-31 Retirement bills must carry legislative counsel number when introduced; changes in bills prior to introduction

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No retirement bill may be introduced by any member of the General Assembly unless, at the time of its introduction, the bill has printed thereon in the upper right portion of each page of the bill an LC number. Once a retirement bill is presented by the Office of Legislative Coun…

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. § 47-20-36 Scope of actuarial investigation; certificate and summary of investigation attached to bill

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(a) If an actuarial investigation of a retirement bill having a fiscal impact is requested under Code Section 47-20-35, it shall be the duty of the state auditor to complete or cause to be completed such actuarial investigation by not later than November 1 of the same year during…

O.C.G.A. § 47-20-37 Consideration of bill on the floor; approval of amendments by state auditor; effect of passing bill in violation of this article

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(a) When a retirement bill having a fiscal impact has had an actuarial investigation pursuant to Code Section 47-20-36, the bill may be considered at the next regular session of the General Assembly. If the bill as originally introduced was not changed by the committee and the or…

O.C.G.A. § 47-20-50 Effective date of enacted retirement bill with fiscal impact; unfunded enacted bills; requirements for retirement bills having fiscal impact

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(a) Any retirement bill having a fiscal impact which is enacted by the General Assembly and which is approved by the Governor or which otherwise becomes law shall become effective on the first day of July immediately following the regular session during which it was enacted, but …

O.C.G.A. § 47-20-50.1 Report of funding of retirement bills having a fiscal impact; publication

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(a) Following the close of each regular legislative session during which retirement bills having a fiscal impact may be enacted, the state auditor shall make a determination for each such bill enacted during such session, which is not vetoed by the Governor, of whether or not pro…

O.C.G.A. § 47-20-51 Accrued retirement benefits are not created, enhanced, or diminished by this chapter

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No provision of this chapter generally and no provision of Code Section 47-20-50 in particular shall: (1) Create or be construed to create a contractual right to a retirement benefit or a contractual right in the provisions of a retirement system law which does not exist independ…

O.C.G.A. § 47-20-60 State auditor authorized to provide personnel to carry out duties under chapter; funds authorized; cooperation of state officials, agencies, and employees

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(a) The state auditor shall be authorized to employ or contract with actuaries and other personnel to carry out the duties assigned to that officer by this chapter. Upon their approval by the Legislative Services Committee, expenses incurred by the state auditor in carrying out s…

O.C.G.A. § 47-20-61 Certificates and summaries of actuarial investigations attached to enrolled Act

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The enrolled Act resulting from a bill which is subject to the legislative procedures provided by this chapter shall have attached thereto the original or a true and correct copy of all certificates and summaries of actuarial investigations submitted by the state auditor pursuant…

O.C.G.A. § 47-20-62 Effective date of chapter; consideration of fiscal retirement bills by 1984 regular session

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This chapter shall become effective on January 1, 1984. Only nonfiscal retirement bills may be introduced at the 1984 regular session of the General Assembly. Retirement bills having a fiscal impact which were introduced at the 1983 regular session and which are still pending at …

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.)

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. § 47-20-83 Certificated or uncertificated forms of investment; real estate investments

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(a) Subject to limitations stated in this article, funds may invest in the following in certificated or uncertificated form: (1) Corporations or obligations of corporations organized under the laws of this state or any other state or under the laws of Canada, but only if the corp…

O.C.G.A. § 47-20-83.1 Definitions; identification of scrutinized companies where public funds held; Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List; reporting

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(a) As used in this Code section, the term: (1) ‘‘Company’’ means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association th…

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.) CHAPTER 21 REGENTS RETIREMENT PLAN Sec.