2020 Georgia Code
Title 47 - Retirement and Pensions
Chapter 22 - Georgia Defined Contribution Plan
§ 47-22-4. Administration and Operation of Plan; Records; Payment of Employees and Expenses; Investment
- The general administration and responsibility for the proper operation of the plan and for putting this chapter into effect are vested in the board.
- The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public.
- All persons employed by the board and the expenses of the board in furtherance of this chapter shall be paid from funds appropriated to the plan until such time as the board determines that the return on investments is sufficient to cover such costs.
- The board may combine the moneys subject to this chapter with other moneys under the control of the board for purposes of investment, provided that a separate accounting is maintained for all moneys subject to this chapter.
(Code 1981, §47-22-4, enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2005, p. 535, § 28/HB 460; Ga. L. 2010, p. 1207, § 59/SB 436.)
The 2010 amendment, effective July 1, 2010, deleted former subsections (b) through (d), which read: "(b) The board shall engage such actuarial and other services as shall be required to transact the business of the plan.
"(c) The board shall designate an actuary who shall be the technical adviser of the board on matters regarding the operation of the plan and shall perform such other duties as are required in connection therewith.
"(d) Subject to the limitations of this chapter, the board shall, from time to time, adopt the plan document and establish rules and regulations for the administration of the plan and for the transaction of business."; and redesignated former subsections (e) through (g) as present subsections (b) through (d), respectively.Editor's notes.
- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."