Title 47 — Title 47
0 chapters · 311 sections in this title.
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…
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…
O.C.G.A. § 47-22-1 Definitions
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As used in this chapter, the term: (1) ‘‘Accumulated contributions’’ means the sum of all amounts deducted from the compensation of a member’s salary and credited to such member’s individual account in this plan, together with earnings thereon as provided in this chapter. (2) ‘‘B…
O.C.G.A. § 47-22-10 Lump sum payment on death of member
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Upon the death of any member, a lump sum amount shall be paid to such person as the member has nominated by written designation, filed with the board; otherwise to the member’s estate. Such lump sum amount shall be equal to the total amount credited to the member’s account on the…
O.C.G.A. § 47-22-11 Retirement; option to receive periodic payment
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Any member shall be entitled to retire upon attaining the age of 65. Such member shall have the option to receive a periodic payment as permitted by the board. (Code 1981, § 47-22-11, enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2005, p. 535, § 29/HB 460.) 690 T.47, C.23 GEORGIA …
O.C.G.A. § 47-22-2 Creation of Georgia Defined Contribution Plan
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There is created and placed under the administration of the Board of Trustees of the Employees’ Retirement System of Georgia the Georgia Defined Contribution Plan. (Code 1981, § 47-22-2, enacted by Ga. L. 1992, p. 1288, § 1.) 47-22-3. Executive secretary.
O.C.G.A. § 47-22-3 Executive secretary
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There is created an office known as the executive secretary of the Georgia Defined Contribution Plan, and the director of the Employees’ Retirement System of Georgia shall serve as the executive secretary of the plan. (Code 1981, § 47-22-3, enacted by Ga. L. 1992, p. 1288, § 1.) …
O.C.G.A. § 47-22-6 Legal adviser
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The Attorney General shall be the legal adviser of the board. (Code 1981, § 47-22-6, enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2010, p. 1207, § 65/SB 436.) The 2010 amendment, effective July 1, 2010, substituted ‘‘adviser’’ for ‘‘advisor’’ near the end. Editor’s notes. — Ga. L…
O.C.G.A. § 47-22-7 Definitions
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Creation of Georgia Defined Contribution Plan. Executive secretary. Administration and operation of plan; records; payment of employees and expenses; investment. Trustee of funds of plan; power to invest funds; conflicts of interest as to investments; custody of funds; vouchers. …
O.C.G.A. § 47-22-8 Member contributions; earnings
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Each member shall contribute 7 1/2 percent of such member’s gross salary. Such contributions shall be made through payroll deductions. Such amount so deducted shall be credited to the individual account of the member. Earnings shall be credited to each member’s account pursuant t…
O.C.G.A. § 47-23-1 Definitions
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As used in this chapter, the term: (1) ‘‘Accumulated contributions’’ means the sum of all amounts deducted from the earnable compensation of a member or paid by the member to establish or reestablish credit for service, which amounts are credited to his or her individual account …
O.C.G.A. § 47-23-100 Salary defined
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(a) As used in this article, the term ‘‘salary’’ means: (1) For superior court judges, the earnable monthly compensation from state funds provided by law for judges of the superior courts on the date the member begins receiving a retirement benefit; 719 47-23-102 (2) For district…
O.C.G.A. § 47-23-101 Calculation of benefits based on salary after July 1, 1998
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For members who become members after July 1, 1998, no portion of any salary, as defined in Code Section 47-23-100, earned after July 1, 1998, which is used to calculate benefits under this retirement system may be used to calculate benefits under any other state or local retireme…
O.C.G.A. § 47-23-102 Vesting; benefits upon retirement
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The right of a member to receive benefits under this chapter shall vest after the member obtains ten years of creditable service; provided, however, that no member shall receive a retirement benefit prior to attaining the age 720 47-23-102 of 60 years. Except as otherwise provide…
O.C.G.A. § 47-23-103 Retirement based on age; application to retire
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(a) In lieu of retirement at the benefit level provided by Code Section 47-23-102, a member may retire at any time after attaining the age of 60 years and after obtaining a minimum of ten years of creditable service. The monthly retirement benefit for such early retirement shall …
O.C.G.A. § 47-23-104 Disability; determination of benefits; determining disability
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(a) After obtaining a minimum of four years of creditable service, any member who becomes totally and permanently disabled to the extent that he or she is unable to perform the duties of his or her office shall be entitled to receive a disability retirement benefit which shall be…
O.C.G.A. § 47-23-106 County supplement of salaries
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(a) Whenever any county within a judicial circuit supplements the state salary paid to active superior court judges or the district attorney of said circuit, the governing authority of such county shall be authorized, but not required, to supplement the benefit being paid pursuan…
O.C.G.A. § 47-23-107 Appointing beneficiary
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If there is no surviving spouse or survivor of a member covered by Code Section 47-23-105 or if a member not covered by such Code section dies before retirement, the amount of accumulated contributions made by such member, with regular interest on such amount, shall be paid to hi…
O.C.G.A. § 47-23-108 Withdrawal of funds
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Except as otherwise expressly provided in this chapter, if a member ceases to be employed in a covered position, he or she may withdraw the total sum, with 6 percent interest, which he or she has paid into the fund. The member shall not be eligible at any time after such withdraw…