GA Code § 47-3-26 (2021)
2021 Georgia Code|Title 47 - Retirement and Pensions|Chapter 3 - Teachers Retirement System of Georgia|Article 2 - Creation, Administration, and Management of the Assets of the Retirement System|§ 47-3-26. Powers and Duties of the Board of Trustees Generally

  The administration and responsibility for the proper operation of the retirement system and for placing this chapter into effect are vested in the board of trustees, which shall be organized immediately after a majority of the trustees provided for in Code Section 47-3-21 have qualified and taken the oath of office.   Subject to the limitations of this chapter, the board of trustees may from time to time establish rules and regulations for the administration of the funds created by this chapter and for the transaction of its business.   The board of trustees shall engage such actuarial and other services as shall be required to transact the business of the retirement system.   The compensation of all persons engaged by the board of trustees under subsection (c) of this Code section and all other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board of trustees shall approve.   The board of trustees shall keep in convenient form such data as shall be necessary for actuarial valuations of the various funds of the retirement system and for checking the experience of the retirement system.   The board of trustees shall keep a record of all of its proceedings, which shall be open to public inspection.   The board of trustees shall publish an annual report showing the fiscal transactions of the retirement system for the preceding year, the amount of the accumulated cash and securities of the retirement system, and the last balance sheet showing the financial condition of the retirement system, by means of an actuarial valuation of the contingent assets and liabilities of the retirement system.    (Ga. L. 1943, p. 640, § 6.)   OPINIONS OF THE ATTORNEY GENERAL   Formulate rules serving best interests of fund and beneficiaries.   - It is the responsibility and duty of the board of trustees to formulate such rules and regulations consistent with Ga. L. 1943, p. 640 et seq. (see O.C.G.A. Ch. 3, T. 47), as will, in their judgment, serve the best interest of the retirement fund and the individual beneficiaries thereof. 1948-49 Op. Att'y Gen. p. 129.   Cannot diminish or alter vested benefits.   - Trustees are not allowed by rules or regulations to diminish or alter vested benefits. 1948-49 Op. Att'y Gen. p. 529.   Executive secretary-treasurer may perform investment duties.   - Executive secretary-treasurer of the retirement system is a proper and qualified member of the investment committee of the retirement system and may be delegated the authority, following a proper investment decision, to perform mechanical or ministerial duties effectuating the investment decision or transaction. 1975 Op. Att'y Gen. No. 75-66.   Judges legal custodians of retirement benefits owed insane persons.   - Judges of the probate courts of the several counties are constituted the legal custodians and distributors of all moneys due and owing to any insane person who has no legal and qualified guardian, and they are authorized to receive and collect all such moneys arising from insurance policies, benefit societies, legacies, inheritances, or any other source, provided the amount due from all sources shall not exceed the amount of $500.00 (now $2,500.00); the benefits to which a beneficiary is entitled to under a teachers' retirement fund would fall within the provisions of Acts 1918, p. 198; 1927, p. 256. 1948-49 Op. Att'y Gen. p. 129.   State board withholds allocations from delinquent local unit.   - It was the intention of the General Assembly that an action for the recovery of sums due to the board of trustees shall be initiated by a decision of the board and that, upon the receipt of the notice of such a decision, the State Board of Education is obliged to withhold all allocated appropriations from a delinquent local unit until the state board receives from the board of trustees the notice of its decision that the local unit has discharged its obligations to the board of trustees in the manner provided by law. 1971 Op. Att'y Gen. No. 71-1.   RESEARCH REFERENCES   Am. Jur. 2d.   - 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1244. 72 Am. Jur. 2d, States, Territories, and Dependencies, § 77.   C.J.S.   - 67 C.J.S., Officers and Public Employees, § 313. 78 C.J.S., Schools and School Districts, § 485. 81A C.J.S., States, § 388 et seq.