Title 47

At its first meeting following July 1 in each year, the board of trustees shall elect a chairman, secretary, treasurer, and such other officers as provided in the bylaws of the board. The secretary and the treasurer need not be members of the board; and such offices may, in the d…

The board of trustees shall have the following specific powers, together with such other powers as may be necessary or incidental to such powers in effectuating the purposes of this chapter: (1) To adopt bylaws governing its operations and procedures; (2) To contract with municip…

(a) The board of trustees is authorized to invest and reinvest funds held by it in any investments which are legal investments under Article 7 of Chapter 20 of this title, the ‘‘Public Retirement Systems Investment Authority Law’’. The board of trustees shall have the discretion …

The board of trustees shall prescribe in its bylaws the method of valuation of assets, which method shall be in accordance with acceptable accounting practices in use by corporate trustees. (Ga. L. 1965, p. 421, § 18.)

The board of trustees shall file with each member employer an annual written report showing pertinent transactions affecting its respective retirement fund account, workers’ compensation fund account, or employee benefit fund account since the last previous such report. Within 90…

The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by it and may be chargeable by it to either principal or income or both, as determined by it, as of any valuation date. Fur…

(a) The board of trustees shall administer the retirement fund and shall maintain records as follows: (1) The board of trustees shall maintain individual accounts for each participating employee, to which shall be credited the dollar value of participation allocated to such emplo…

(a) The board of trustees shall determine the principal and income of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds on periodic evaluation dates established by the board of trustees, but at least once every 12 months. Income shall be dete…

(a) At least once every 12 months an audit shall be made of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds by independent certified public accountants responsible only to and appointed by the board of trustees. The compensation and reasona…

(a)(1) Each employer is empowered to establish a plan or plans for the provision of retirement or employee benefits for its employees. Such plans shall be enacted by ordinance of the governing body of a municipal corporation or by a resolution of the governing body of other emplo…

(a)(1) The board of trustees has the power to establish one or more master plans which may be adopted by any employer that, upon the date that it agrees to join the plan, has fewer than 16 employees who elect and are qualified for plan participation. The employees to be covered, …

(a) Each member employer that has adopted a plan for the provision of retirement benefits or employee benefits under Code Section 47-5-40 is authorized in its plan and contract to include such provisions as are necessary for the development of a suitable plan, which provisions sh…

Each member employer may provide in its plan for early and normal retirement ages. A member employer may defer the retirement of an employee who has reached normal retirement age. (Code 1981, § 47-5-43, enacted by Ga. L. 1984, p. 1041, § 11.)

Each member employer that has adopted a plan providing retirement benefits under Code Section 47-5-40 is authorized in its plan and contract to determine what credit, if any, shall be allowed for prior service. The financial liability incurred by the member employer for any such …

The board of trustees may provide rules under which contracts with member employers may provide for uninterrupted participation by a participating employee who transfers his employment from one member municipality to another. (Code 1981, § 47-5-45, enacted by Ga. L. 1984, p. 1041…

Member employers which provide retirement benefits under a local or special Act may contract with the board of trustees for transfer of credits to this retirement system and continuation of accrued benefits to their employees under terms which may be provided by amendment to such…

Plans providing for retirement benefits established under this chapter shall provide that mandatory contributions made by a participating employee shall be returned to such employee or his estate in the event of death before retirement. If the employee is separated from employmen…

Nothing in this chapter shall create a debt of the State of Georgia. (Ga. L. 1965, p. 421, § 25; Ga. L. 1988, p. 387, § 1.)

Funds held by the board of trustees or for its account shall not be subject to process, levy, or attachment; nor shall benefits arising under this chapter or any contract pursuant to this chapter be assignable. (Ga. L. 1965, p. 421, § 26.)

Except as otherwise specified in this chapter, the provision of retirement benefits and employee benefits pursuant to this chapter shall not be subject to regulation under Title 33. (Code 1981, § 47-5-72, enacted by Ga. L. 1984, p. 1041, § 12; Ga. L. 2000, p. 131, § 1.) CHAPTER 6…