Title 47 — Title 47
0 chapters · 311 sections in this title.
O.C.G.A. § 47-21-1 Short title
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This chapter shall be known and may be cited as the ‘‘Regents Retirement Plan Act.’’ (Code 1981, § 47-21-1, enacted by Ga. L. 1990, p. 1811, § 2.) 47-21-2. Definitions.
O.C.G.A. § 47-21-2 Definitions
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As used in this chapter, the term: (1) ‘‘Board of regents’’ means the Board of Regents of the University System of Georgia. (2) ‘‘Board of trustees’’ means the Board of Trustees of the Teachers Retirement System of Georgia. (3) ‘‘Earnable compensation’’ means the full rate of reg…
O.C.G.A. § 47-21-20 Definitions
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As used in this article, the term: (1) ‘‘Actuarial assumptions’’ means assumptions regarding the occurrence of future events affecting costs of the fund such as mortality, withdrawal, disability, and retirement; changes in compensation and offered post-employment benefits; rates …
O.C.G.A. § 47-21-21 Creation of fund; purpose
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(a) There is created the Board of Regents Retiree Health Benefit Fund to provide for the employer costs of retiree post-employment health insurance benefits. The fund shall be a trust fund of public funds. The board in its official capacity shall be its trustee and the Chancellor…
O.C.G.A. § 47-21-22 Operation of the fund; responsibilities
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(a) Responsibility for the proper operation of the fund is vested in the board. (b) The board shall: (1) Adopt actuarial assumptions as necessary and prudent; (2) Employ such personnel as may be needed to carry out the provisions of this article and such personnel shall be employ…
O.C.G.A. § 47-21-23 Actuarial services
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(a) The actuary employed or retained by the board shall provide technical advice to the board regarding the operation of the fund. (b) Utilizing the actuarial assumptions most recently adopted by the board, the actuary shall set the annual actuarial present values for the state p…
O.C.G.A. § 47-21-24 Administration of fund
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(a) The board shall have control over the fund established by this article. The provisions provided for in this article and all administrative expenses shall be paid from the fund. The board may expend moneys from the fund for any purpose authorized by this article. (b) The board…
O.C.G.A. § 47-21-25 Annual duties
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(a) The board shall annually determine the minimum annual required contributions sufficient to maintain the fund in an actuarially sound manner in accordance with Governmental Accounting Standards Board Statement No. 43, or any subsequent Governmental Accounting Standards Board s…
O.C.G.A. § 47-21-4 Employee and other contributions
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(a) Each participating employee shall contribute to the optional retirement plan a percentage of his or her earnable compensation as determined by the board of trustees which shall be not less than 5 nor more than 6 percent. (b) The University System of Georgia shall contribute t…
O.C.G.A. § 47-21-5 Remittances by the University System of Georgia
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(a) In addition to the contributions specified in Code Section 47-21-4, the University System of Georgia shall remit to the Teachers Retirement System of Georgia the following payments: (1) An amount equal to the accrued liability contribution determined by the board of trustees …
O.C.G.A. § 47-21-6 Payment of retirement, death, or other benefit
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No retirement, death, or other benefit shall be paid by the Teachers Retirement System of Georgia to or on behalf of a participating employee in the optional retirement plan based upon any service rendered by such employee while a member of the optional retirement plan or while c…
O.C.G.A. § 47-21-7 Short title
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Definitions. Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased. Employee and other contributions. Remittances by the University System of Georgia. 47-21-8. Payment of retirement, death, or other benefit. …
O.C.G.A. § 47-21-8 Actuarial study by state auditor
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By not later than January 1, 2000, the state auditor shall have an actuarial study completed to determine what effect the optional retirement plan provided for in this chapter has had on the Teachers Retirement System of Georgia. The results of such study shall be reported to the…