reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 18 - SOCIAL SECURITY COVERAGE FOR EMPLOYEES OF THE STATE AND POLITICAL SUBDIVISIONS OF THE STATE (§§ 47-18-1 — 47-18-80) › Article 5 - EMPLOYEES' SOCIAL SECURITY COVERAGE GROUP (§ 47-18-70) › Section 47-18-70 - Establishment of the Employees' Social Security Coverage Group; control and administration of such coverage group

(a)
Pursuant to Article III, Section X of the Constitution of Georgia and Article VII, Section III, Paragraph I of the Constitution of Georgia, with due consideration to the limitations embodied therein, there is established a separate coverage group to be known as the Employees' Social Security Coverage Group, membership of which shall consist of all state employees who are in the group to be covered for social security, the conditions of membership to be as established in Chapter 2 of this title governing the Employees' Retirement System of Georgia.
(b)
The Employees' Social Security Coverage Group shall for the purposes of this Code section be under the jurisdiction and control of the State Personnel Board. Such board is authorized to establish such rules and regulations as are necessary to provide for payment of the contributions required under the Social Security Act and the proper administration of this Code section. Such board is further authorized to modify the present agreement with the secretary of health and human services for the purpose of extending the benefits of old-age, survivors, and disability insurance to members of such coverage group in a manner consistent with the terms of this chapter. Such coverage shall become effective not earlier than July 1, 1956.
Amended by 2010 Ga. Laws 682,§ 7, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 18 - SOCIAL SECURITY COVERAGE FOR EMPLOYEES OF THE STATE AND POLITICAL SUBDIVISIONS OF THE STATE (§§ 47-18-1 — 47-18-80) › Article 6 - MISCELLANEOUS PROVISIONS (§ 47-18-80) › Section 47-18-80 - Other methods for obtaining old-age, survivors, and disability insurance coverage for employees of the state

Social security coverage for employees of this state as provided for in this chapter shall be the sole and exclusive method for obtaining such coverage regardless of the source of funds used for payment of salaries or wages.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-1 - Creation of the State Employees' Assurance Department; management of the department; membership of the board of directors

There is created a department of the state government to be known as the State Employees' Assurance Department. The department shall be managed by a board of directors consisting of the state treasurer, the Commissioner of Labor, the state auditor, the commissioner of administrative services, and two members to be appointed by the Governor.
Amended by 2012 Ga. Laws 629,§ 11, eff. 7/1/2012.
Amended by 2010 Ga. Laws 621,§ 3, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-2 - Compensation of directors

The directors shall serve without compensation but shall be reimbursed for all necessary expenses that they incur through service on the board of directors.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-3 - Election of a chairman of the board of directors; employment of administrative and clerical assistants; actuarial and other services; payment of departmental expenses

The board of directors shall elect a chairman from its membership and may employ necessary administrative and clerical assistants, who shall not be members of the board of directors. The board of directors shall engage such actuarial and other services as shall be required from time to time to transact the business of the department. The expenses of the department may be paid from funds received under any contract issued by the department or appropriated from time to time.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-4 - Power of the board of directors to establish rules and regulations

Subject to the limitations of this chapter, the board of directors may from time to time establish rules and regulations for the administration of any fund established under this chapter and for the transaction of its business.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-5 - Scope of authority of the department; application of certain other insurance laws

(a)
The department shall have only the authority granted in this chapter, together with the authority to do those things necessary for the efficient and effective accomplishment of its duties.
(b)
The department is not required to comply with Title 33.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-6 - Duty to keep data for actuarial valuations

The department shall keep in convenient form such data as shall be necessary for actuarial valuations of the funds maintained by the department and for checking the experience of its contracts.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-7 - Contracts with the Employees' Retirement System of Georgia for insurance coverage

The State Employees' Assurance Department may contract with the Employees' Retirement System of Georgia to provide group term life insurance for such persons as may be otherwise eligible for such coverage under Chapter 2 of this title. The benefit payments to be paid by reason of the death of an insured shall be made to his beneficiary or to his estate and not to the employer.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-8 - Institution of actions on contracts; filing of written claim as condition precedent

Any person who has a claim under any contract entered into by this department may bring an action on such contract in the superior court of the plaintiff's residence. However, as a condition precedent to the filing of the action, the claimant must file with the board of directors a claim in writing outlining his contentions and claim in detail; and no action may be filed on such claim until the claim has been decided adversely to the claimant or until the expiration of 60 days, whichever is earlier.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 19 - STATE EMPLOYEES' ASSURANCE DEPARTMENT (§§ 47-19-1 — 47-19-10) › Section 47-19-9 - Application of the state system of personnel administration to employees of the department; payment of share of costs

(a)
The employees of the department shall be governed by such rules of position classification, appointment, promotion, demotion, dismissal, transfer, qualification, compensation, seniority, privileges, tenure, and other employment standards as may now or hereafter be established under Chapter 20 of Title 45.
(b)
The department shall pay its share of the administrative costs of operating the state system of personnel administration, in the manner prescribed in Code Section
45-20-4
.
Amended by 2012 Ga. Laws 629,§ 12, eff. 7/1/2012.
Amended by 2009 Ga. Laws 156,§ 1, eff. 7/1/2009.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 1 - GENERAL PROVISIONS (§§ 47-20-1 — 47-20-5) › Section 47-20-1 - Short title

This chapter shall be known and may be cited as the "Public Retirement Systems Standards Law."
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 1 - GENERAL PROVISIONS (§§ 47-20-1 — 47-20-5) › Section 47-20-2 - Legislative purpose

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 system supported wholly or partially from public funds and to control legislative procedures so that no bill or resolution creating or amending any such retirement or pension system shall be passed by the General Assembly without concurrent provisions for funding in accordance with the defined funding standards.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 1 - GENERAL PROVISIONS (§§ 47-20-1 — 47-20-5) › Section 47-20-4 - Publicly funded retirement system subject to chapter; not applicable to defined contribution retirement system

Any other provision of law to the contrary notwithstanding, any public retirement system or pension fund supported wholly or partially by public funds shall be subject to the provisions of this chapter. This Code section applies, without limitation, to the Georgia Municipal Employees Benefit System created by Chapter 5 of this title and to any association of like political subdivisions which contracts with its members for the pooling of assets. This Code section shall not apply to any defined contribution retirement system.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 1 - GENERAL PROVISIONS (§§ 47-20-1 — 47-20-5) › Section 47-20-5 - Common law duties of trustees applicable

The duties of the boards of trustees of public retirement systems or pension plans contained in this title are in addition to, and not in limitation of, the common law duties of the trustee found in Title 53 except to the extent inconsistent with those within this title.
Added by 2013 Ga. Laws 216,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 2 - MINIMUM FUNDING STANDARDS (§§ 47-20-10 — 47-20-13) › Section 47-20-11 - [Repealed] Minimum funding causing financial hardship in local retirement system

Repealed and reserved by 2010 Ga. Laws 681,§ 56, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 2 - MINIMUM FUNDING STANDARDS (§§ 47-20-10 — 47-20-13) › Section 47-20-12 - [Repealed] State controlled systems; certification of conformance to standards; freezing of benefits and other provisions when not in conformance

Repealed and reserved by 2010 Ga. Laws 681,§ 57, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 2 - MINIMUM FUNDING STANDARDS (§§ 47-20-10 — 47-20-13) › Section 47-20-13 - Financially sound systems exempt from minimum funding standards

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.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 3 - ENFORCEMENT OF STANDARDS IN LOCAL RETIREMENT SYSTEMS (§§ 47-20-20 — 47-20-21) › Section 47-20-20 - Freezing of benefits and other provisions; amount of annual employer contribution

(a)
In the case of a retirement system of a political subdivision, unless excepted by Code Section
47-20-13
, neither the local governing authority by ordinance or resolution or other action nor the retirement system administrator shall take any action on or after January 1, 1984, to grant a benefit increase under any retirement system of the political subdivision until annual employer contributions to each retirement system of the political subdivision are in conformity with the minimum funding standards specified by Code Section
47-20-10
. The local governing authority of a political subdivision shall not take any action after January 1, 1984, to create or establish any new retirement system until all existing retirement systems of that political subdivision are being funded in conformity with the minimum funding standards specified by Code Section
47-20-10
. This limitation shall not prohibit a local governing authority from creating or establishing a new retirement system as a successor to the existing retirement system or systems of the political subdivision if the resulting new system and the remaining obligations under the previously existing system or systems are funded in accordance with the minimum funding standards specified by Code Section
47-20-10
. The membership of such a successor retirement system need not be confined to the membership of the previously existing retirement system or systems.
(b)
Unless excepted by Code Section
47-20-13
, after January 1, 1984, the annual employer contribution to each retirement system of a political subdivision shall be in an amount equal to or greater than the minimum annual employer contribution required by Code Section
47-20-10
.
Amended by 2010 Ga. Laws 681,§ 58, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 3 - ENFORCEMENT OF STANDARDS IN LOCAL RETIREMENT SYSTEMS (§§ 47-20-20 — 47-20-21) › Section 47-20-21 - Triennial actuarial investigations; penalties for violations shown; list of local systems not in conformance reported triennially

(a)
The retirement system administrator of each retirement system of a political subdivision shall comply fully with the requirements of Code Section
47-1-3
requiring the employment of an actuary and the completion of actuarial investigations once every three years. In addition to the other requirements specified by Code Section
47-1-3
for such actuarial investigations, each such investigation shall express the actuary's opinion, which shall be supported by such analysis as the actuary determines necessary, of the status of the retirement system with regard to the minimum funding standards specified in Code Section
47-20-10
. Each such actuarial investigation shall also include an analysis of each change in or amendment to the retirement system since the previous investigation and shall identify any change or amendment which granted a benefit increase.
(b)
If an actuarial investigation or a financial report which is submitted to the state auditor under Code Section
47-1-3
shows that an amendment or change was made in a retirement system of a political subdivision granting a benefit increase in violation of subsection (a) of Code Section
47-20-20
or shows that a retirement system of a political subdivision is not in conformity with the requirements of subsection (b) of Code Section
47-20-20
, it shall be the duty of the state auditor to notify the state treasurer; and it shall be the duty of the state treasurer to withhold any state funds payable to the applicable political subdivision until the actuary of the applicable retirement system certifies to the state auditor and to the state treasurer that employer contributions to each retirement system of the political subdivision are in conformity with the minimum funding standards specified in Code Section
47-20-10
.
(c)
The report on the condition of local retirement systems submitted to the Governor and to members of the General Assembly pursuant to Code Section
47-1-4
shall include a separate list of each retirement system of each political subdivision which is not in conformity with the minimum funding standards specified by Code Section
47-20-10
and a separate attachment giving a full explanation of any action taken pursuant to subsection (b) of this Code section.
Amended by 2010 Ga. Laws 621,§ 4, eff. 7/1/2010.
Amended by 2010 Ga. Laws 621,§ 3, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 1 - GENERAL PROVISIONS (§§ 47-20-30 — 47-20-31) › Section 47-20-30 - Definitions

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.
(2)
"LC number" means that number preceded by the letters "LC" assigned to a bill by the Office of Legislative Counsel when that office prepares a bill for a member of the General Assembly.
(3)
"Nonfiscal amendment" means an amendment to a retirement bill having a fiscal impact, which amendment does not change any factor of an actuarial investigation specified in subsection (a) of Code Section
47-20-36
.
(4)
"Nonfiscal retirement bill" means a retirement bill which does not affect the cost or funding factors of a retirement system or a retirement bill which affects such factors only in a manner which does not:
(A)
Grant a benefit increase under the retirement system affected by the bill;
(B)
Create an actuarial accrued liability for or increase the actuarial accrued liability of the retirement system affected by the bill; or
(C)
Increase the normal cost of the retirement system affected by the bill.
(4.1)
"Nonfiscal retirement bill" also means a retirement bill which removes or increases a mandatory retirement age of a retirement system or which removes or modifies provisions of a retirement system requiring forfeiture of benefits upon failure to retire upon reaching a mandatory retirement age or which provides for any combination of the foregoing.
(5)
"Reduction in cost amendment" means an amendment to a retirement bill having a fiscal impact which reduces the cost of the bill as such cost is determined by the actuarial investigation for the bill prepared pursuant to Code Section
47-20-36
.
(6)
"Retirement bill having a fiscal impact" means any retirement bill creating or establishing a retirement system and any other retirement bill other than a nonfiscal retirement bill. Such term shall include any bill requiring a public retirement system to divest or refrain from investing in specific investments or classes of investments.
Amended by 2008 Ga. Laws 770,§ 2, eff. 7/1/2008.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 1 - GENERAL PROVISIONS (§§ 47-20-30 — 47-20-31) › Section 47-20-31 - Retirement bills must carry legislative counsel number when introduced; changes in bills prior to introduction

No retirement bill may be introduced by any member of the General Assembly unless, at the time of its introduction, the bill has printed thereon in the upper right portion of each page of the bill an LC number. Once a retirement bill is presented by the Office of Legislative Counsel to a member of the General Assembly, neither the Office of Legislative Counsel nor any person shall make any change in the retirement bill prior to its introduction into the General Assembly unless the bill is returned to the Office of Legislative Counsel and that office assigns a new LC number to the bill.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 2 - NONFISCAL RETIREMENT BILLS (§§ 47-20-32 — 47-20-33) › Section 47-20-32 - Prerequisites to introduction of nonfiscal retirement bill

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 determine whether the proposed bill is a retirement bill having a fiscal impact or a nonfiscal retirement bill and provide a written certification of that determination to the member of the General Assembly who intends to be the primary sponsor of the bill. Such certification shall specifically identify the proposed bill by reference to the LC number. If the proposed bill is introduced into the General Assembly, it shall have attached thereto the original of the certification of the state auditor. If the LC number on the bill as offered for introduction is different from the LC number shown on the state auditor's certification or if the bill as offered for introduction does not bear an LC number on each page of the bill, the bill may not be accepted for introduction by the Secretary of the Senate or the Clerk of the House of Representatives, and the bill may not be considered by any committee of the House or Senate or by the House or Senate. If the bill is certified as a retirement bill having a fiscal impact, its introduction shall also be limited by the provisions of subsection (a) of Code Section
47-20-34
.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 2 - NONFISCAL RETIREMENT BILLS (§§ 47-20-32 — 47-20-33) › Section 47-20-33 - Amendment of a nonfiscal retirement bill

(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 retirement bill having a fiscal impact. Any amendment to such a bill shall be submitted to the state auditor by the chairman of the committee, if a committee amendment, or by the presiding officer of the Senate or House if the amendment was made by the Senate or House. If the state auditor certifies in writing that the amendment does not cause the bill to become a retirement bill having a fiscal impact, the bill, as amended, may continue in the legislative process as any other bill. If the state auditor will not issue such a certification for the amendment, the bill's progress in the legislative process will end, and the bill shall not be considered further by either the House or the Senate, and, if passed by the General Assembly, the bill shall not become law and shall stand repealed in its entirety on the first day of July immediately following its enactment.
(b)
An amendment to a nonfiscal retirement bill which is prohibited by subsection (a) of this Code section may be withdrawn by the committee which made the amendment, if a committee amendment, or by the Senate, if that body made the amendment, or by the House, if that body made the amendment. If the amendment is withdrawn, the bill may continue in the legislative process as any other bill, unless it is subsequently amended, and, in that event, this Code section shall apply to the subsequent amendment.
(c)
A nonfiscal retirement bill which is not amended during the legislative process may be considered as any other bill.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 3 - FISCAL RETIREMENT BILLS (§§ 47-20-34 — 47-20-37) › Section 47-20-35 - Perfection of bill by committee; actuarial investigation

(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 introduced, but the committee shall complete its consideration of the bill for submission to the state auditor under Code Section
47-20-36
by not later than July 15 immediately following the close of the legislative session. The committee shall be authorized to meet for not more than five days, unless additional days are authorized by the President of the Senate for the Senate committee or by the Speaker of the House for the House committee, during the period beginning with the day following the close of the session and ending on July 1 immediately following the close of the session for the purpose of considering and perfecting the bill. If the bill originated in the Senate, the House Committee on Retirement shall be authorized to meet with the Senate Committee on Retirement to consider and perfect a bill during the period following the close of a regular session, and, if the bill originated in the House, the Senate Committee on Retirement shall have the same authority. The committees may adopt such procedures as they find appropriate for conducting meetings at which both committees are present as authorized by this subsection. For attending meetings of their respective committees as authorized by this subsection, the members of the Senate and House committees on retirement shall receive the expenses and allowances provided by law for members of legislative interim committees. If a retirement bill having a fiscal impact is changed by the committee to which it is assigned, such change shall be accomplished only by a substitute bill, and no committee amendment to the bill, except by substitute, shall be authorized.
(b)
Immediately after a retirement bill having a fiscal impact has been considered and perfected as provided in subsection (a) of this Code section, the chairman of the committee to which the bill was assigned shall transmit an exact copy of the bill, as perfected by the committee, when applicable, to the state auditor. The copy submitted to the state auditor shall bear an LC number. The submission of the bill to the state auditor shall have attached thereto a letter signed by the chairman of the committee requesting the state auditor to make or cause to be made an actuarial investigation on the bill.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 4 - RETIREMENT BILLS IN GENERAL ASSEMBLY (§§ 47-20-30 — 47-20-37) › Part 3 - FISCAL RETIREMENT BILLS (§§ 47-20-34 — 47-20-37) › Section 47-20-36 - Scope of actuarial investigation; certificate and summary of investigation attached to bill

(a)
If an actuarial investigation of a retirement bill having a fiscal impact is requested under Code Section
47-20-35
, it shall be the duty of the state auditor to complete or cause to be completed such actuarial investigation by not later than November 1 of the same year during which the request for the actuarial investigation was made. The actuarial investigation shall include, but shall not be limited to, findings on the following factors as such factors are relevant to the retirement bill under consideration:
(1)
The dollar amount of the unfunded actuarial accrued liability which will result from the bill for the retirement system affected by the bill;
(2)
The dollar amount of the annual normal cost which will result from the bill for the retirement system affected by the bill;
(3)
A statement of the employer contribution rate currently in effect for the retirement system affected by the bill;
(4)
A statement of the employer contribution rate, which must be in conformity with the minimum funding standards specified by Code Section
47-20-10
, recommended for the retirement system affected by the bill; and
(5)
A statement of the dollar amount of the increase in the annual employer contribution, if an existing retirement system is affected by the bill, or a statement of the total annual employer contribution, if a new retirement system is established by the bill, which will be necessary to maintain the retirement system affected or established by the bill in an actuarially sound condition.
(b)
By not later than November 1 of the same year that the request for an actuarial investigation was made, the completed actuarial investigation shall be submitted by the state auditor to the chairman of the committee who requested it along with a summary of the actuarial investigation which shall include the relevant findings specified in subsection (a) of this Code section.
(c)
The chairman of the committee, upon receipt of the information provided for under subsection (b) of this Code section, shall cause the summary of the actuarial investigation to be printed by the Secretary of the Senate or the Clerk of the House of Representatives, depending on whether the bill is a Senate bill or House bill, in sufficient quantity to attach a copy thereof to all printed copies of the bill. The original summary of the actuarial investigation shall be attached by the Secretary of the Senate or Clerk of the House of Representatives to the original version of the substitute bill, as perfected by the committee under Code Section
47-20-35
, if applicable, or to the original version of the bill as introduced if the bill was not changed by the committee prior to its submission to the state auditor for an actuarial investigation.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 5 - ADMINISTRATION (§§ 47-20-50 — 47-20-51) › Section 47-20-50.1 - Report of funding of retirement bills having a fiscal impact; publication

(a)
Following the close of each regular legislative session during which retirement bills having a fiscal impact may be enacted, the state auditor shall make a determination for each such bill enacted during such session, which is not vetoed by the Governor, of whether or not provision has been made for the concurrent funding of the bill in conformity with the applicable requirements of Code Section
47-20-50
.
(b)
The director of the Office of Planning and Budget, the legislative budget analyst, retirement system administrators, and employers shall provide such information and assistance as may be necessary for the state auditor to make the determinations required by subsection (a) of this Code section.
(c)
The state auditor shall make the determinations required by subsection (a) of this Code section by not later than the fifteenth day immediately following the last day on which the Governor is authorized to veto bills following the close of each regular legislative session. The state auditor's findings shall be made in a report to the Secretary of State showing the determination for each retirement bill by reference to the respective Senate or House number for the bill. The report shall be submitted to the Secretary of State by not later than the last day on which the state auditor is required to make the determinations. The Secretary of State shall cause the state auditor's report to be printed in the annual session laws of the State of Georgia.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 5 - ADMINISTRATION (§§ 47-20-50 — 47-20-51) › Section 47-20-51 - Accrued retirement benefits are not created, enhanced, or diminished by this chapter

No provision of this chapter generally and no provision of Code Section
47-20-50
in particular shall:
(1)
Create or be construed to create a contractual right to a retirement benefit or a contractual right in the provisions of a retirement system law which does not exist independently of the provisions of this chapter; and
(2)
Impair, alter, or diminish or be construed to impair, alter, or diminish a contractual right to a retirement benefit or a contractual right in the provisions of a retirement system law which exists independently of the provisions of this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 6 - MISCELLANEOUS (§§ 47-20-60 — 47-20-63) › Section 47-20-60 - State auditor authorized to provide personnel to carry out duties under chapter; funds authorized; cooperation of state officials, agencies, and employees

(a)
The state auditor shall be authorized to employ or contract with actuaries and other personnel to carry out the duties assigned to that officer by this chapter. Upon their approval by the Legislative Services Committee, expenses incurred by the state auditor in carrying out such duties shall be paid from funds appropriated or available to the legislative branch of the state government. When authorized to do so by the Legislative Services Committee, and such authorization may be on a continuing basis by direction of the Legislative Services Committee entered upon its minutes, the legislative fiscal officer, upon certification by the state auditor of expenses incurred to carry out the duties assigned to that officer by this chapter, is authorized to expend legislative funds to pay such expenses.
(b)
Retirement system administrators, state officials and employees, and officials and employees of political subdivisions are authorized and directed to cooperate with and assist the state auditor in carrying out the duties assigned to that officer by this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 6 - MISCELLANEOUS (§§ 47-20-60 — 47-20-63) › Section 47-20-61 - Certificates and summaries of actuarial investigations attached to enrolled Act

The enrolled Act resulting from a bill which is subject to the legislative procedures provided by this chapter shall have attached thereto the original or a true and correct copy of all certificates and summaries of actuarial investigations submitted by the state auditor pursuant to the requirements of this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 6 - MISCELLANEOUS (§§ 47-20-60 — 47-20-63) › Section 47-20-62 - Effective date of chapter; consideration of fiscal retirement bills by 1984 regular session

This chapter shall become effective on January 1, 1984. Only nonfiscal retirement bills may be introduced at the 1984 regular session of the General Assembly. Retirement bills having a fiscal impact which were introduced at the 1983 regular session and which are still pending at the 1984 regular session shall be subject to the requirements of Code Section
47-20-50
, except that the amount determined by actuarial investigation under paragraph (10) of subsection (a) of Code Section
47-20-36
shall be determined by the director of the Office of Planning and Budget and the state auditor pursuant to Code Sections
28-5-42
and
28-5-43
, relating to fiscal notes.
Code Section 28-5-43 has been repealed.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-80 - Short title

This article shall be known and may be cited as the "Public Retirement Systems Investment Authority Law."
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-81 - Fund defined; applicability

(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 shall not apply to political subdivisions which contract with an association of like political subdivisions for the pooling of assets; provided, however, that the provisions of this article shall apply to such association.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-82 - Investing funds; eligibility; investment limitation

(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 limitation based upon the amount of the fund's assets shall relate to such assets on the basis of the assets' aggregate historical cost. For purposes of any investment made in alternative investments pursuant to Code Section
47-7-127
or
47-20-87
, aggregate historical cost shall include all contractually committed, unpaid amounts.
Amended by 2012 Ga. Laws 603,§ 2, eff. 7/1/2012.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-83.1 - [Expired]

Amended by 2010 Ga. Laws 621,§ 3, eff. 7/1/2010.
Added by 2008 Ga. Laws 761,§ 3, eff. 7/1/2008; exp. 7/1/2015.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-85 - Compliance

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 this article.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 20 - PUBLIC RETIREMENT SYSTEMS STANDARDS (§§ 47-20-1 — 47-20-88) › Article 7 - PUBLIC RETIREMENT SYSTEMS INVESTMENT AUTHORITY (§§ 47-20-80 — 47-20-88) › Section 47-20-86 - Enforcement

This article shall be enforced as provided in Article 3 of this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-1 - Short title

This chapter shall be known and may be cited as the "Regents Retirement Plan Act."
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-2 - Definitions

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 regular compensation payable to a participating employee for the employee's normal working time and includes compensation paid to the employee by an employer from grants or contracts made by outside agencies with the employer.
(4)
"Participating employee" means an eligible university system employee, as defined in Code Section
47-3-68
, who elects to participate in the retirement plan provided for in this chapter pursuant to the provisions of said Code Section
47-3-68
.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-3 - Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased

(a)
The board of regents is authorized to establish an optional retirement plan under which it may purchase annuity contracts, either fixed or variable or a combination thereof, or shares in one or more mutual funds providing retirement and death benefits which shall become the property of participating employees of the University System of Georgia.
(b)
The board of regents shall provide for the administration and maintenance of the optional retirement plan authorized by this chapter.
(c)
The board of regents shall designate at least two but no more than five companies from which contracts will be purchased. In making this designation, the board of regents shall consider the following:
(1)
The nature and extent of the rights and benefits to be provided by the contracts for participating employees and their beneficiaries;
(2)
The relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of this chapter;
(3)
The suitability of the rights and benefits to the needs and interests of participating employees and the University System of Georgia;
(4)
The ability of the designated companies to provide the rights and benefits under such contracts; and
(5)
The efficacy of the contracts in the recruitment and retention of faculty and principal administrators.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-4 - Employee and other contributions

(a)
On and after July 1, 2013, each participating employee shall contribute to the optional retirement plan a percentage of his or her earnable compensation as determined by the board of regents.
(b)
The University System of Georgia shall contribute to the optional retirement plan on behalf of each participating employee the following:
(1)
Prior to January 1, 1997, an amount equal to 4 percent of the participating employee's earnable compensation;
(2)
On and after January 1, 1997, and before January 1, 2009, an amount equal to the normal cost contribution determined by the board of trustees in accordance with the provisions of Code Section
47-3-48
; and
(3)
On and after January 1, 2009, an amount determined by the board of regents after consulting with the state auditor, the director of the Office of Planning and Budget, and the state accounting officer. The board of regents shall review the contribution amount every three years.
(c)
The participating employee's contribution required by the provisions of subsection (a) of this Code section may be made by a reduction in earnable compensation or by an employer pickup pursuant to the authority of any applicable provisions of the United States Internal Revenue Code, as amended. The method of contribution provided for in this subsection shall be a privilege for the convenience of employees and no right of action shall accrue to the employee or any company designated to provide such optional retirement plan for errors, omissions, or decisions of any agent of the University System of Georgia regarding deductions under this subsection.
(d)
All contributions authorized or required by this Code section shall be paid to the designated companies for the benefit of each participating employee by the financial officer of the employing institution.
Amended by 2013 Ga. Laws 258,§ 1, eff. 7/1/2013.
Amended by 2008 Ga. Laws 500,§ 2, eff. 7/1/2008.
See 2008 Ga. Laws 500, § 3.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-6 - Payment of retirement, death, or other benefit

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 covered by such plan. Benefits are payable to participating employees or their beneficiaries by the designated companies in accordance with the terms of the annuity contracts.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-7 - Treatment of annuity contracts under Code Section 33-38-2

Annuity contracts issued under the optional retirement plan provided for in this chapter shall be treated under Code Section
33-38-2
in the same manner as contracts qualified under Section 403(b) of the United States Internal Revenue Code.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 21 - REGENTS RETIREMENT PLAN (§§ 47-21-1 — 47-21-25) › Article 1 - GENERAL PROVISIONS (§§ 47-21-1 — 47-21-8) › Section 47-21-8 - Actuarial study by state auditor

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 General Assembly at the 2000 regular session.