reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-316 - Membership in the retirement system of officers or employees of Georgia Agricultural Exposition Authority

(a)
As used in this Code section, the term "Georgia Agricultural Exposition Authority" or "authority" means the Georgia Agricultural Exposition Authority established by Chapter 3 of Title 2, known as the "Georgia Agricultural Exposition Authority Act."
(b)
Effective on July 1, 1988, or on first becoming officers or employees of the Georgia Agricultural Exposition Authority, all such officers and employees shall become members of the retirement system. Any officer or employee of the authority who was already a member of the retirement system on July 1, 1988, and any member of the retirement system who, without any break in service, becomes an officer or employee of the authority on or after July 1, 1988, shall continue in the same membership status without any interruption in membership service and without the loss of any creditable service. Except as otherwise provided in this subsection, any person becoming a member of the retirement system pursuant to the provisions of this Code section shall be subject to the provisions of Code Section
47-2-334
.
(c)
All employer contributions, including employee contributions made by the employer on behalf of members, which are required by this chapter shall be made for members who are subject to the provisions of this Code section from funds appropriated or otherwise available for the operation of the Georgia Agricultural Exposition Authority. The authority shall deduct from the salaries payable to such members the additional employee contributions required by this chapter.
Amended by 2012 Ga. Laws 685,§ 1, eff. 5/1/2012.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-317 - [Repealed] Membership in the retirement system of officers and employees of the Georgia Agrirama Development Authority

Repealed by 2011 Ga. Laws 121,§ 1, eff. 5/11/2011.
Amended by 2002 Ga. Laws 466, § 1, eff. 4/18/2002.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-319 - [Repealed] Membership in the retirement system of officers and employees of the Georgia Hazardous Waste Management Authority; contributions

Repealed and reserved by 2010 Ga. Laws 681,§ 36, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-325 - [Repealed] Membership in retirement system of prior employees of the Foundation for Public Broadcasting in Georgia, Inc

Repealed and reserved by 2010 Ga. Laws 681,§ 37, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-326 - Georgia Rail Passenger Authority retirement system; membership; contributions

(a)
As used in this Code section, the term "Georgia Rail Passenger Authority" or "authority" means that authority created by Article 9 of Chapter 9 of Title 46, the "Georgia Rail Passenger Authority Law."
(b)
Effective July 1, 2002, or on the date of employment, whichever date is later, each officer or employee of the authority shall become a member of the retirement system.
(c)
Any officer or employee of the authority who was already a member of the retirement system on July 1, 2002, and any member of the retirement system who, without any break in service, becomes an officer or employee of the authority on or after July 1, 2002, shall continue in the same membership status without any interruption in membership service and without the loss of any creditable service.
(d)
Except as otherwise provided in subsection (c) of this Code section, an officer or employee of the authority becoming a member of the retirement system pursuant to the provisions of this Code section shall be subject to the provisions of Code Section
47-2-334
.
(e)
All employer contributions, including employee contributions made by the employer on behalf of members, which are required by this chapter shall be made for members who are subject to the provisions of this Code section from funds appropriated to or otherwise available for the operation of the Georgia Rail Passenger Authority. The authority shall deduct from the salaries payable to such members the additional employee contributions required by this chapter.
Added by 2002 Ga. Laws 959, § 1, eff. 7/1/2002.
See 2002 Ga. Laws 959, § 2.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 8 - PROVISIONS APPLICABLE TO PARTICULAR GROUPS OF EMPLOYEES (§§ 47-2-140 — 47-2-327) › Part 10 - EMPLOYEES OF CERTAIN STATE AUTHORITIES AND COMMISSIONS (§§ 47-2-310 — 47-2-327) › Section 47-2-327 - Employees of the State Road and Tollway Authority to become members of the retirement system; status; employer and employee contributions

(a)
As used in this Code section, the term "State Road and Tollway Authority" or "authority" means that authority continued by Article 2 of Chapter 10 of Title 32, relating to the State Road and Tollway Authority.
(b)
Effective July 1, 2006, or on the date of employment, whichever date is later, each officer or employee of the authority shall become a member of the retirement system.
(c)
Any officer or employee of the authority who was already a member of the retirement system on July 1, 2006, and any member of the retirement system who, without any break in service, becomes an officer or employee of the authority on or after July 1, 2006, shall continue in the same membership status without any interruption in membership service and without the loss of any creditable service.
(d)
Except as otherwise provided in subsection (c) of this Code section, an officer or employee of the authority becoming a member of the retirement system pursuant to the provisions of this Code section shall be subject to the provisions of Code Section
47-2-334
.
(e)
All employer contributions, including employee contributions made by the employer on behalf of members, which are required by this chapter shall be made for members who are subject to the provisions of this Code section from funds appropriated to or otherwise available for the operation of the State Road and Tollway Authority. The authority shall deduct from the salaries payable to such members the additional employee contributions required by this chapter.
Amended by 2006 Ga. Laws 477,§ 1, eff. 7/1/2006.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 9 - MISCELLANEOUS PROVISIONS (§§ 47-2-330 — 47-2-334) › Section 47-2-330 - Application of other state funded pension or retirement programs to members or beneficiaries, their surviving spouses, or dependents

Except as otherwise specifically provided in this chapter, no program of pensions or retirement benefits for employees, their surviving spouses, or dependents, which program is funded wholly or partially by the state, shall apply to members or beneficiaries of this retirement system, their surviving spouses, or dependents.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 9 - MISCELLANEOUS PROVISIONS (§§ 47-2-330 — 47-2-334) › Section 47-2-331 - Reporting of employee contributions for federal and state income tax purposes

Any other provisions of law to the contrary notwithstanding, all employee contributions toward retirement allowances, social security benefits, and group term life insurance shall be included in each employee's gross income reported for federal and state income tax purposes. This Code section shall not pertain to employer contributions or to employee contributions made by employers on behalf of employees.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 9 - MISCELLANEOUS PROVISIONS (§§ 47-2-330 — 47-2-334) › Section 47-2-332 - Exemption of rights and benefits from taxes, legal process, and assignment of retirement system property as public property; exemptions for retirement system property

(a)
The right to a pension, annuity, retirement allowance, return of contributions, the pension, annuity, or retirement allowance itself, any optional benefit, or any other right accrued or accruing to any person under this chapter and the moneys in the various accounts created by this chapter are:
(1)
Exempt from any state, county, or municipal tax, except as provided in Code Section
48-7-27
;
(2)
Exempt from levy and sale, garnishment, attachment, or any other process whatsoever; and
(3)
Not assignable except as otherwise specifically provided in this chapter.
(b)
The tangible, intangible, real, personal, or mixed property, investments, or assets of the retirement system of whatever kind or nature and the earnings or proceeds derived from such property, investments, or assets are public property and are:
(1)
Exempt from taxation by the state or by any county, municipality, authority, or political subdivision of this state; and
(2)
Exempt from levy and sale, garnishment, attachment, or any other process whatsoever.
(c)
The transfer or sale of tangible, real, personal, or mixed property, investments, or assets to or from the retirement system and the instruments of such transfer or sale shall be exempt from any tax on such sales, transfers, or instruments, which tax is levied by the state or by any county, authority, municipality, or political subdivision of this state.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 9 - MISCELLANEOUS PROVISIONS (§§ 47-2-330 — 47-2-334) › Section 47-2-333 - Attempts to defraud the retirement system by false statements or falsified records; adjustments of erroneous payments

(a)
Any person who shall knowingly make any false statements or shall falsify or permit to be falsified any records of the retirement system in an attempt to defraud the system shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not exceeding $500.00, imprisonment not exceeding 12 months, or both.
(b)
If any change or error in the records of the retirement system results in any member or beneficiary receiving from it more or less than he would have been entitled to receive had the records been correct, the board of trustees shall have the power to correct such error and to adjust the payments as far as practicable and in such manner that the actuarial equivalent of the benefit to which such member or beneficiary was correctly entitled shall be paid.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-350 - Short title

This article shall be known and may be cited as the "Georgia State Employees' Pension and Savings Plan."
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
See 2008 Ga. Laws 757, § 4.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-351 - "Member" defined; membership optional; calculation

(a)
Except where indicated clearly to the contrary by the context, the word "member" as used in this article shall mean any employee who first or again becomes a member of the Employees' Retirement System of Georgia on or after January 1, 2009. From and after January 1, 2009, every person first or again becoming an employee entitled to a new membership in the Employees' Retirement System of Georgia shall become a member subject to this article. Any provision of this chapter providing that a class of employees shall be subject to Code Section
47-2-334
shall be deemed to have been amended by this subsection.
(b)
Membership under this article shall be optional for any persons who are within the membership of the Employees' Retirement System of Georgia on December 31, 2008. Any such persons may elect in writing on a form to be provided by the board of trustees to become a member subject to this article at any time on or after January 1, 2009. This written election shall become effective upon the approval of the application by the board of trustees as provided in rules and regulations promulgated by the board of trustees and shall be final and cannot be later changed or rescinded. Upon such election, a member shall be subject to all the provisions, terms, and conditions of this article; provided, however, that the calculation to determine retirement allowances for any person exercising such option shall be made as follows:
(1)
The retirement allowance shall be computed fully as if all creditable service of the member were acquired and calculated under the provisions of this article;
(2)
Then the retirement allowance shall also be computed fully as if all creditable service of the member were acquired and calculated under the provisions of this chapter contained other than in this article and the rules and regulations of the board of trustees;
(3)
Then a benefit amount shall be determined based upon a fractional part of each retirement allowance computed in paragraphs (1) and (2) of this subsection, which fractional part shall be computed by using the actual years of creditable service established under either this article, for paragraph (1) of this subsection, or the provisions of this chapter contained other than in this article, for paragraph (2) of this subsection, which number of years shall be the numerator of the fraction, over the total actual years of creditable service established under both this article and the provisions of this chapter contained other than in this article, which number shall be the denominator of the fraction;
(4)
The two benefit amounts so determined shall then be added together to produce the actual retirement allowance; and
(5)
Projected years of service shall not be used in the computation of the retirement allowances under this subsection.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-352 - Employee and employer contributions

(a)
Every member subject to this article shall contribute employee membership contributions in an amount equal to 1 1/4 percent of earnable compensation which shall be deducted by each employer from the earnable compensation of each member for each and every payroll period and paid monthly to the board of trustees. Such amount shall be credited to the individual accounts of the members in the annuity savings fund.
(b)
From and after January 1, 2009, each employer shall pay monthly to the board of trustees, on behalf of each member subject to this article, the aggregate of employer and employee contributions required by this chapter. With respect to members subject to this article, no employer contributions shall be considered as accumulated contributions of the member and none shall be eligible for withdrawal by the member upon cessation of state service. Such amount shall be credited to the pension accumulation fund.
Amended by 2010 Ga. Laws 681,§ 64, eff. 7/1/2010.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-353 - Service retirement allowance

Every member subject to this article shall, upon becoming eligible under the provisions of this chapter, be entitled to a service retirement allowance, which shall consist of:
(1)
An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement; and
(2)
A monthly pension which, together with the annuity, shall provide a total retirement allowance equal to 1 percent, or such future amount up to 2 percent to be set by the board of trustees in direct relation to any increased appropriations provided by the General Assembly expressly for such increase, of the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system, multiplied by the number of the member's years of creditable service; provided, however, that for members employed on or after July 1, 2009, no salary increase by adjustment in compensation in any manner during the last 12 months, which increase is in excess of 5 percent, shall be included in such computation.
Amended by 2009 Ga. Laws 83,§ 5, eff. 7/1/2009.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-354 - Conditions; rights, privileges, obligations, and duties

(a)
Members subject to this article shall be subject to the following conditions:
(1)
The following provisions shall not be applicable to members subject to this article:
(A)
Subsection (d) of Code Section
47-2-120
;
(B)
Paragraph (1) of subsection (c) of Code Section
47-2-123
;
(C)
Code Section
47-2-124
; and
(D)
Code Section
47-2-334
;
(2)
Except as provided in Chapter 1 of this title and in Code Sections
47-2-99
and
47-2-100
, no service shall constitute creditable service except membership service for which the full rate of employee membership contributions and employer contributions is made pursuant to Code Section
47-2-352
. The provisions of this paragraph shall not affect the transfer of creditable service between public retirement systems created by this title under such conditions as are now or may hereafter be provided by law;
(3)
The provisions of Code Section
47-2-91
shall be applicable to members subject to this article; provided, however, that such benefits shall be subject to reduction or repeal by subsequent legislation and shall not be considered an element of any contract of employment;
(4)
Disability benefits shall be calculated as provided in paragraph (2) of subsection (c) of Code Section
47-2-123
; provided, however, that the disability benefits of persons entitled to the provisions of Code Section
47-2-221
shall be calculated as provided in such Code section but with the benefit computed on 1 percent of the member's monthly earnable compensation;
(5)
Members subject to the provisions of this article shall not be entitled to group term life insurance coverage pursuant to Code Section
47-2-128
or
47-2-129
; and
(6)
Members subject to Code Section
47-2-244
shall be entitled to the provisions of such Code section.
(b)
All members subject to this article shall have and be subject to all other rights, privileges, obligations, and duties specified by other provisions of this chapter, and all such other provisions shall be of full force and effect with respect to any matter not specifically provided for in this article.
Amended by 2010 Ga. Laws 681,§ 39, eff. 7/1/2010.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-356 - Death allowances and benefits

(a)
For purposes of calculating a survivor's benefit, any member who has at least 15 years of creditable service and who dies in service before becoming eligible for a service retirement shall be deemed to be eligible to retire forthwith without regard to age and to receive the equivalent of a service retirement allowance calculated upon the number of years of creditable service attained to the date of retirement and based upon his or her highest average monthly compensation during a period of 24 consecutive calendar months while a member of the retirement system. Any member who dies in service after becoming eligible for a service retirement shall be deemed to be eligible to retire forthwith to receive a service retirement allowance.
(b)
In the application of this subsection to death allowances, computations of retirement allowances shall be made on the same basis as though option two had been in effect. In lieu of the amount of death allowance otherwise payable to the beneficiary under option two, the member, upon written request, may at any time elect a reduced level death allowance of equivalent actuarial value, which allowance is payable to the beneficiary during a period of years certain or to the estate of the beneficiary and during the lifetime of such named beneficiary thereafter. At the election of the member, in case of death of the beneficiary during a term of years certain, the balance of the years certain payments may be paid to the estate of the member; but if such beneficiary predeceases the member, the total amount of the member's contributions to the date of his or her death shall be payable to the member's estate. The method of determining the equivalent actuarial value shall be consistent with the actuarial method of determining the beneficiary's death allowance under option two.
Amended by 2009 Ga. Laws 83,§ 6, eff. 7/1/2009.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-358 - Impact on members of Employees' Retirement System of Georgia on December 31, 2008

This article shall not be construed and is not intended to have any effect whatsoever on persons within the membership of the Employees' Retirement System of Georgia on December 31, 2008, who do not elect in writing to become members subject to this article.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-359 - Conflicting provisions

The provisions of this article shall control over conflicting or inconsistent provisions of this chapter or any other law of this state. It is the intention of the General Assembly that this article has not been and may not be repealed, superseded, or modified by implication through the enactment of any other law or through the amendment of any other provision of this chapter or any other existing law, and any modification or repeal of any provision of this article may be accomplished only by reference or amendment to or repeal of this specific article.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 2 - EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA (§§ 47-2-1 — 47-2-360) › Article 10 - GEORGIA STATE EMPLOYEES PENSION AND SAVINGS PLAN (§§ 47-2-350 — 47-2-360) › Section 47-2-360 - Administration

The board of trustees shall have the responsibility of administering the provisions of this article and shall promulgate such rules and regulations as are necessary to carry out the provisions of this article.
Added by 2008 Ga. Laws 757,§ 1, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-20 - Creation and management of the Teachers Retirement System of Georgia; its powers and privileges; name under which business transacted

A retirement system is established for the purpose of providing retirement allowances and other benefits under this chapter for teachers of this state and is placed under the management of the board of trustees. It shall have the power and privileges of a corporation, the right to bring and defend actions, to implead and be impleaded, and shall be known as the "Teachers Retirement System of Georgia," in which name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-22 - Election of chairman and executive director of the board of trustees; payments by executive director of retirement system funds; surety bond required of executive director

(a)
The board of trustees shall elect from its membership a chairman and shall elect an executive director, who shall not be one of its members.
(b)
The executive director shall be subject to the rules and regulations of the board of trustees and shall be the treasurer of the assets of the retirement system. All payments of the funds of the retirement system shall be made by the executive director and only upon vouchers signed by him and countersigned by one other person designated by the board of trustees. The executive director shall furnish the board of trustees with a surety bond issued by a company authorized to do business in this state and in such an amount as shall be required by the board of trustees. The premium on such bond shall be paid from the expense fund provided for in Code Section
47-3-47
.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-23 - Designation and duties of an actuary for the board of trustees; periodic actuarial investigation and recommendations; calculation tables and regular interest rate; annual valuation

(a)
The board of trustees shall designate an actuary who shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by this chapter and who shall perform such duties as are required in connection therewith.
(b)
From time to time, but at least once in every five-year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system and recommend for adoption by the board of trustees, mortality, service, and other tables needed in the operation of the retirement system. Taking into account the results of such investigations, the board of trustees from time to time shall adopt for the retirement system such mortality, service, and other tables as it shall deem necessary for use in all calculations required in connection with this retirement system. The board of trustees shall also determine from time to time the rates of regular interest for use in all calculations required in connection with the retirement system, limited to a minimum of 2 percent.
(c)
On the basis of regular interest and the tables last adopted by the board of trustees, the actuary shall make annual valuations of the contingent assets and liabilities of the retirement system.
Amended by 2010 Ga. Laws 681,§ 65, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-24 - Legal adviser of the board of trustees

The Attorney General shall be the legal adviser of the board of trustees.
Amended by 2010 Ga. Laws 681,§ 65, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-25 - Medical board; designation; duties regarding medical examinations required under this chapter

The board of trustees shall designate a medical board of three physicians who are not eligible to participate in the retirement system. Other physicians may be employed to report on special cases, as necessary. The medical board shall arrange for and pass upon all medical examinations required under this chapter and shall report in writing to the board of trustees its conclusions and recommendations upon all the matters referred to it.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-26 - Powers and duties of the board of trustees generally

(a)
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.
(b)
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.
(c)
The board of trustees shall engage such actuarial and other services as shall be required to transact the business of the retirement system.
(d)
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.
(e)
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.
(f)
The board of trustees shall keep a record of all of its proceedings, which shall be open to public inspection.
(g)
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.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-27 - Investment powers; power to maintain cash on deposit for payments under the retirement system; personal interests in investments prohibited

(a)
The members of the board of trustees shall be the trustees of the retirement system and shall have full power to invest and reinvest its assets, subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law." Subject to like restrictions, the board of trustees shall have the power to hold, transfer, and dispose of any investments in which retirement system assets are invested, including proceeds of investments. The board of trustees is authorized to employ agents, including banks and trust companies, to act as investment advisers and make investments if the board of trustees so authorizes.
(b)
For the purpose of meeting disbursements for pensions, annuities, and other payments, the board of trustees may keep available cash on deposit in one or more banks or trust companies organized under the laws of this state or of the United States, provided that the sum on deposit in any one bank or trust company shall not exceed 25 percent of the paid-up capital and surplus of each bank or trust company. Each bank or trust company shall give a depository bond in an amount sufficient to cover the deposits or shall place in trust a sufficient amount of federal or state securities to cover the deposits.
(c)
Except as otherwise provided in this chapter no trustee or employee of the board of trustees shall have any personal interest in the gains or profits from any investment made by the board of trustees or use the assets of the retirement system in any manner, directly or indirectly, for himself or as an agent, except to make such payments as are authorized by the board of trustees in accordance with this chapter.
Amended by 2010 Ga. Laws 681,§ 64, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-28 - Rights exempted from levy and sale, garnishment, and other process; assignability; exemptions for other retirement systems; assets and investments and their transfer or sale exempted

(a)
The right to a pension, annuity, retirement allowance, return of contributions, the pension, annuity, or retirement allowance itself, any optional benefit, or any other right accrued or accruing to any person under this chapter and the moneys in the various accounts created by this chapter are exempt from any state, county, or municipal tax, except as provided in Code Section
48-7-27
; exempt from levy and sale, garnishment, attachment, or any other process whatsoever; and shall not be assignable except as otherwise specifically provided in this chapter. The exemptions under this Code section shall extend to benefits accrued or accruing to any member of a local retirement system, whether such benefits are attributable to amounts paid by the retirement system to such local retirement system for the account and benefit of the member, or otherwise.
(b)
A resident of this state who receives a pension, annuity, or retirement allowance from a teachers' retirement system of another state or political subdivision shall be entitled to the same exemptions with respect to such benefits as are set forth in subsection (a) of this Code section, provided that the law of such other state or political subdivision allows substantially the same treatment to a person residing there with respect to a pension, annuity, or retirement allowance received from the Teachers Retirement System of Georgia.
(c)
The tangible, intangible, real, personal, or mixed property investments or assets of this retirement system of whatever kind or nature and the earnings or proceeds derived from such investments or assets are declared to be public property and exempt from taxation by the state, or by any county, municipality, authority, or political subdivision of this state and exempt from levy and sale, garnishment, attachment, or any other process whatsoever.
(d)
The transfer or sale of tangible, real, personal, or mixed property investments or assets to or from this retirement system and the instruments of such transfer or sale shall be exempt from any tax on such sales, transfers, or instruments levied by the state or by any county, authority, municipality, or political subdivision of this state.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-3-20 — 47-3-29) › Section 47-3-29 - Deduction of membership dues of nonprofit organizations from benefit payments

(a)
The board of trustees is authorized, but not required, to deduct from benefit payments the membership dues of any nonprofit organization domiciled in Georgia which requests such deductions, provided that at least 30 percent of the retired members of this retirement system belong to such organization and members of the organization request that such deduction be made as provided in subsection (b) of this Code section.
(b)
Any retired member desiring the deduction provided for in subsection (a) of this Code section must so notify the board of trustees in writing in the manner specified by the board of trustees. Once begun, any such deduction may be canceled only by a request to the board of trustees in writing in a manner specified by the board of trustees.
(c)
Any organization for which membership dues deductions are made as provided in this Code section shall reimburse this retirement system for the actual cost of making such deductions.
(d)
Any organization requesting the deductions provided in subsection (a) of this Code section shall reimburse this retirement system for the actual cost of determining if such organization is eligible as provided in subsection (a) of this Code section.
(e)
In the event a dispute arises regarding deductions provided in subsection (a) of this Code section, this retirement system shall not be liable to any party in any manner, and the matter shall be settled between the retired member and the organization involved.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-40 - Funds in which assets of the retirement system are to be held

All of the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, to be known as the "annuity savings fund," the "pension accumulation fund," and the "expense fund."
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-41.1 - Payment of employee contributions by employers; mandatory nature; vesting

(a)
Beginning on July 1, 1987, each employer shall pay to the board of trustees on behalf and to the credit of each member required to make employee contributions under subsection (a) of Code Section
47-3-41
, on each and every payroll period, the employee membership contributions specified by said subsection (a) of Code Section
47-3-41
for membership service acquired after June 30, 1987.
(b)
Employee contributions made by employers on behalf of members as provided in subsection (a) of this Code section shall be treated as employer contributions in determining federal tax treatment under the United States Internal Revenue Code; provided, however, employers shall continue to withhold federal income taxes on the basis of such contributions until the Internal Revenue Service or the federal courts rule that, pursuant to Section 414(h) of the United States Internal Revenue Code, these contributions shall not be included as gross income of the employee until such time as they are distributed or made available.
(c)
Each employer may reduce the compensation payable to a member in an amount not exceeding the amount of the employee contribution paid by the employer on behalf of the member as provided in subsection (a) of this Code section. Such reduction in compensation may be made, notwithstanding the fact that the compensation provided by or pursuant to law for the member may be reduced thereby.
(d)
Employee contributions made by employers on behalf of members as provided in subsection (a) of this Code section shall be included in the earnable compensation of members in the computation of retirement benefits, and, except for the purposes of subsection (b) of this Code section, such contributions shall continue to be employee contributions for all purposes under this chapter.
(e)
The employee contributions provided for in this Code section are mandatory, and no member is entitled under any circumstances to receive such contributions in cash in lieu of having them contributed to the retirement system. Such contributions shall be 100 percent vested for all purposes under the retirement system.
(f)
All members shall retain, have, and be subject to all other rights, privileges, obligations, and duties provided for by other provisions of this chapter and such other provisions shall remain of full force and effect with respect to any matter not specifically provided for in this Code section.
Amended by 2010 Ga. Laws 457,§ 6, eff. 5/24/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-42 - Employer's duty to deduct, collect, and remit employee contributions; effect of failure to deduct, collect, and remit such contributions

(a)
It shall be the duty of each county board of education, the board of education of each independent school system, and of each and every employer of teachers to deduct and collect the required employee contributions from each teacher's salary and to make monthly remittance of such amounts to the board of trustees. Each employer shall likewise make the required employer contribution and shall make monthly remittance of such amounts to the board of trustees along with employee contributions. Each employer shall remit the required employee and employer contributions to the board of trustees by the tenth calendar day of the month following the month for which the contributions were made. In the case of the failure or refusal of the employer to remit the employee and employer contributions on or before the tenth calendar day of the month following the month for which the contributions were made, there shall be added to the total amount of remittance due the sum of 1 1/2 percent of the amount of the remittance if the failure or refusal is for not more than one month, and an additional 1 1/2 percent for each additional month or fraction of a month during which the failure or refusal continues.
(b)
If any employer fails to collect or remit the employee or employer contributions in the manner set forth in subsection (a) of this Code section, it shall be the duty of the board of trustees to notify the State Board of Education of such failure and it shall be the duty of the State Board of Education to withhold from the employer which has failed to comply with subsection (a) of this Code section all appropriations allotted to such employer until such employer has fully complied with subsection (a) of this Code section by making remittance of the sums of contributions required of employees and employers under this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-44 - Crediting to pension accumulation fund; annual transfer from pension accumulation fund to provide regular interest

All interest and dividends earned on the funds of the retirement system shall be credited to the pension accumulation fund. Once each year the board of trustees shall transfer from the pension accumulation fund to the annuity savings fund such amounts as are sufficient to allow regular interest on the balances of the individual accounts of members in the annuity savings fund.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-45 - Obligations of the pension accumulation fund; permissible uses of the assets of the pension accumulation fund and of income, interest, and dividends

The maintenance of annuity reserves and pension reserves of the retirement system, the crediting of regular interest to the annuity savings fund, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be obligations of the pension accumulation fund, provided that the payments of such other benefit do not adversely affect the qualified status of the retirement system under Section 401(a) of the federal Internal Revenue Code. All assets of the pension accumulation fund and all income, interest, and dividends derived from deposits and investments shall be used for the payment of such obligations and for no other purpose.
Amended by 2006 Ga. Laws 454,§ 1, eff. 4/14/2006.
Amended by 2005 Ga. Laws 103,§ 14, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 3 - TEACHERS RETIREMENT SYSTEM OF GEORGIA (§§ 47-3-1 — 47-3-142) › Article 3 - EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OFFUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES (§§ 47-3-40 — 47-3-49) › Section 47-3-46 - Date on which contributions to the retirement system are to commence

No contributions to the retirement system shall be made by the state, by employers, or by members prior to the commencement date, except the contribution of the state for an expense fund to pay the expenses of setting up and operating the retirement system prior to that date. On January 1, 1945, the board of trustees shall notify all employers and the employers shall notify the members that contributions will commence on that date; and thereupon this chapter with reference to such contributions will go into effect.