Title 47 — Title 47
0 chapters · 311 sections in this title.
O.C.G.A. § 47-5-1 Legislative intent; construction of this chapter
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(a) It is declared to be the intent of the General Assembly to provide a method whereby the municipal corporations and certain other entities of this state may, in the discretion of their respective governing bodies, provide retirement and other benefits to their employees throug…
O.C.G.A. § 47-5-2 Definitions
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As used in this chapter, the term: (1) ‘‘Benefit system’’ or ‘‘system’’ means the Georgia Municipal Employees Benefit System created by this chapter. (2) ‘‘Board of trustees’’ or ‘‘board’’ means the Board of Trustees of the Georgia Municipal Employees Benefit System. (3) ‘‘Contra…
O.C.G.A. § 47-5-20 Creation of board of trustees
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There is created a public corporation of this state to be known as ‘‘The Board of Trustees of the Georgia Municipal Employees Benefit System (GMEBS).’’ Said corporation shall be the successor to the Joint Municipal Employees Retirement System ( JMERS) and it is the intent of this…
O.C.G.A. § 47-5-21 Membership of board
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(a) The board of trustees shall consist of 15 members. To be eligible for membership on the board of trustees, a person must be a citizen of this state. Members of the board of trustees shall be eligible to succeed themselves but shall not serve more than three consecutive full t…
O.C.G.A. § 47-5-23 Powers of the board of trustees generally
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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…
O.C.G.A. § 47-5-24 Powers of board with regard to funds held by it
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(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 …
O.C.G.A. § 47-5-25 Valuation of assets of the retirement system
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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.) 47-5-26. Duty of board of trustees to file an annual financia…
O.C.G.A. § 47-5-41 Establishment and use of master plans
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(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, …
O.C.G.A. § 47-5-42 Provisions of contracts and plans
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(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…
O.C.G.A. § 47-5-43 Provisions for early and normal retirement ages
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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.) 47-5-44. Credit for prior service.
O.C.G.A. § 47-5-44 Credit for prior service
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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 …
O.C.G.A. § 47-5-46 Transfer of credits
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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…
O.C.G.A. § 47-5-47 Return of contributions to employee or employee’s estate
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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…
O.C.G.A. § 47-5-70 Creation of debts of the state under this chapter
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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.) 47-5-71. Exemption from levy, attachment, or other process of funds held by the board of trustees or for its account; assignment of benefits or contracts es…
O.C.G.A. § 47-5-72 Exemption of chapter from regulation under Title 33
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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.) 396 T.47,…