reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-24 - Powers of board with regard to funds held by it

(a)
The board of trustees is authorized to invest and reinvest funds held by it in any investments which are legal investments under Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law". The board of trustees shall have the discretion to decide the allocation of funds among such investments. The board of trustees is further authorized to purchase, acquire, hold, lease, sell, and convey real and personal property.
(b)
The board of trustees is authorized to place funds held by it with banks or trust companies which have corporate trust powers and to authorize any such bank or trust company to invest and reinvest such funds for its account, subject to the investment restrictions of subsection (a) of this Code section. The board of trustees shall prescribe the powers and duties of such banks and trust companies in accordance with this chapter. Funds of the board of trustees on deposit with any one such bank or trust company shall not execute 25 percent of the combined capital and surplus of such bank or trust company. Such bank or trust company shall give bond or pledge sufficient federal or municipal securities to secure the deposits of the board of trustees.
(c)
The board of trustees is authorized to place funds held by it with insurance companies authorized to do business in this state for the purpose of investment at guaranteed or anticipated rates of interest.
(d)
Notwithstanding the investment restrictions of subsection (a) of this Code section, the board of trustees is authorized, for a consideration, to pledge funds held by it to third parties, including lenders, for the purpose of guaranteeing the contract obligations of municipal corporations and other public bodies of this state, providing surety obligations in connection with such contracts, and obligating it to assume any such contracts in the event that the municipal corporation or other public body fails to renew such contract for its full stated term. Such guaranties, sureties, or assumptions shall constitute activities and services that the board of trustees and the contracting municipal corporations or other public bodies are authorized to undertake and provide, and shall be undertaken pursuant to Article IX, Section III, Paragraph I of the Constitution, provided that the full faith and credit of the municipal corporation or other public body receiving the benefit of such guaranty, surety, or assumption is pledged to repay any amounts required to be paid by the board of trustees as a result of such guaranty, surety, or assumption.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-25 - Valuation of assets of the retirement system

The board of trustees shall prescribe in its bylaws the method of valuation of assets, which method shall be in accordance with acceptable accounting practices in use by corporate trustees.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-26 - Duty of board of trustees to file an annual financial report with each member employer; filing of objections to transactions shown in such report

The board of trustees shall file with each member employer an annual written report showing pertinent transactions affecting its respective retirement fund account, workers' compensation fund account, or employee benefit fund account since the last previous such report. Within 90 days of the receipt of such report, a member employer may file written objections with the board of trustees with respect to any transactions regarding its account as shown in such report.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-27 - Payment of administrative expenses of the board of trustees; allocation of expenses among member municipalities

The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by it and may be chargeable by it to either principal or income or both, as determined by it, as of any valuation date. Further, the board of trustees shall have the authority to allocate expenses among member municipalities on the basis of costs. Administrative expenses for the first year of operation may be assessed against first year contributions in proportion to the number of participating employees.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-28 - Accounts for participating employees, member employers, and as otherwise required; authorization of funds; commingling restriction

(a)
The board of trustees shall administer the retirement fund and shall maintain records as follows:
(1)
The board of trustees shall maintain individual accounts for each participating employee, to which shall be credited the dollar value of participation allocated to such employee under the respective member employer's retirement plan, and such other accounts, if any, as may be reasonably required, in the discretion of the board of trustees, for the convenient administration of the plan;
(2)
There shall be credited to the contribution account of each member employer all contributions received by the board of trustees from it or its participating employees and there shall be charged against such account all payments made from it pursuant to the terms of the retirement plan, together with any other payment or expenses chargeable against that account;
(3)
The interest of each member employer in any retirement fund established under the system shall be represented by units which shall constitute equal interest in any such fund; and
(4)
The board of trustees may from time to time establish new or additional retirement funds and may separate and place new contributions in such funds instead of adding to existing funds, provided that member employers continue to be represented by units which constitute equal interests in such funds.
(b)
The board of trustees may establish a workers' compensation fund, employee benefit fund, and other funds necessary or incident to the provision of workers' compensation benefits and employee benefits under this chapter.
(c)
The retirement fund shall not be commingled with the workers' compensation fund, employee benefit fund, or other funds.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-29 - Periodic determination of principal and income of the funds; periodic merger of principal and income; method for determination of principal value of each unit of funds

(a)
The board of trustees shall determine the principal and income of the retirement fund, workers' compensation fund, employee benefit fund, and other funds on periodic evaluation dates established by the board of trustees, but at least once every 12 months. Income shall be determined by the board of trustees in accordance with an established method which it may prescribe in its bylaws and which conforms to acceptable accounting practices in use by corporate trustees. Income shall be added to and become part of the principal of the various funds on the periodic valuation dates established under this Code section. The board of trustees shall deduct from either principal or income, or both, such charges, expenses, and liabilities as it determines in its discretion to be chargeable against either.
(b)
The principal value of each unit into which the funds are divided shall be determined on each such periodic valuation date by dividing the then principal value of the funds by the number of units into which it is then divided.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM (§§ 47-5-20 — 47-5-30) › Section 47-5-30 - Periodic audit of the accounts of the board of trustees; contents and availability of report of such audit; standard of care in conduct of the audit and liability of auditors

(a)
At least once every 12 months an audit shall be made of the retirement fund, workers' compensation fund, employee benefit fund, and other funds by independent certified public accountants responsible only to and appointed by the board of trustees. The compensation and reasonable expenses of any independent public accountants may be charged to the funds and apportioned between the principal and income as the board of trustees may deem proper.
(b)
The auditors appointed shall audit the accounts of the board of trustees and shall make a report of such audit, which report shall include a list of the investments and other assets comprising the various funds on the last day of the period covered by such audit and shall show the valuation placed on each such investment and asset as of that date. The report shall also include a statement of charges, sales, and any other investment charges, and of all income and disbursements since the last audit, and appropriate comments as to any investment in default as to principal or interest. Promptly upon receipt by the board of trustees of such report, the board of trustees shall send notice to each employer to which a regular periodic accounting would ordinarily be rendered that the report is available and that a copy will be furnished upon request. Such audits shall be included with the annual written report filed with each member employer pursuant to Code Section
47-5-26
.
(c)
In auditing the accounts of the board of trustees, the auditors shall be required to make only such examination of the accounts and records as they deem reasonably necessary. The auditors shall incur no liability for any act done or suffered by them in good faith in the exercise of reasonable care.
(d)
The auditors shall include in their report their unqualified opinion on the presentation of the financial position and operations of the fund. If such auditors are unable to express an unqualified opinion, they shall so state and shall further detail reasons for their qualification or disclaimer, including recommendations for improvements.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-40 - Power of employers to establish retirement plans; benefits under such plans; power to implement such plans by contract; financing of such plans

(a)
(1)
Each employer is empowered to establish a plan or plans for the provision of retirement or employee benefits for its employees. Such plans shall be enacted by ordinance or resolution of the governing body of a municipal corporation or by a resolution of the governing body of other employers. The ordinance or resolution shall set forth the employees to be covered, the benefits to be provided, and the conditions of the plan. Benefits under the plan may include retirement and employee benefits. A plan for employee benefits may provide for the method of funding such benefits through the use of insurance, self-funding, or otherwise.
(2)
Any contract between the board of trustees and a member employer which provides a defined benefit plan shall contain a provision that such defined benefits are to be provided, to the extent fixed in such plan, by the employer and that the board of trustees does not guarantee the defined amount.
(b)
Each employer is further empowered to implement such plan or plans by contract with the board of trustees in accordance with the rules and regulations promulgated by the board of trustees. The contract with the board of trustees shall be executed pursuant to the ordinance or resolution which enacted the plan.
(c)
Each employer is authorized to make reasonable classifications of employees in its plan and to provide for integration of its plan with social security benefits and with other retirement or pension plans under which certain classes of employees may be entitled to benefits.
(d)
Each employer is authorized to appropriate funds to provide the benefits under such plan and to pay its respective portion of the administrative costs of the board of trustees in administering the system. Except with respect to employee contributions to purchase additional service credit, an employee's contribution under a defined benefit plan shall not exceed 50 percent of the value of such employee's benefit payable from the plan upon commencement of benefits. The valuation of benefits under a defined benefit plan shall be made in accordance with the actuarial assumptions used to determine employer contributions in effect at the time of the determination.
(e)
Contributions paid by a municipal corporation shall be paid from municipal funds which are on hand or which will be collected in the year the contribution is made and shall not be deemed to create a debt of the municipal corporation.
Amended by 2016 Ga. Laws 381,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-42 - Provisions of contracts and plans

(a)
Each member employer that has adopted a plan for the provision of retirement benefits or employee benefits under Code Section
47-5-40
is authorized in its plan and contract to include such provisions as are necessary for the development of a suitable plan, which provisions shall be subject to the approval of the board of trustees, including, but not limited to, the following:
(1)
Minimum age at entry into its plan;
(2)
Minimum years of service at entry into its plan;
(3)
Maximum years of service credit allowable;
(4)
Provisions relating to separation and return to employment;
(5)
Types of benefits to be provided;
(6)
Types of vesting provisions, if any, to be provided;
(7)
Types of disability retirement provisions, if any, to be provided;
(8)
Minimum years of required participation in the plan;
(9)
Provisions relating to benefits for part-time employment; and
(10)
Any other provisions necessary, incidental, or helpful in providing the intended benefits.
(b)
The board of trustees is authorized to reject any contract provision which it determines to be actuarially unsound or which it determines would create an undue administrative burden.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-43 - Provisions for early and normal retirement ages

Each member employer may provide in its plan for early and normal retirement ages. A member employer may defer the retirement of an employee who has reached normal retirement age.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-44 - Credit for prior service

Each member employer that has adopted a plan providing retirement benefits under Code Section
47-5-40
is authorized in its plan and contract to determine what credit, if any, shall be allowed for prior service. The financial liability incurred by the member employer for any such prior service credits allowed shall be actuarially determined and incorporated in the contract, which shall set forth the manner in which such liability shall be defrayed by the member employer.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-45 - Uninterrupted participation during transfer from one member municipality to another

The board of trustees may provide rules under which contracts with member employers may provide for uninterrupted participation by a participating employee who transfers his employment from one member municipality to another.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-46 - Transfer of credits

Member employers which provide retirement benefits under a local or special Act may contract with the board of trustees for transfer of credits to this retirement system and continuation of accrued benefits to their employees under terms which may be provided by amendment to such local or special Act and which are not inconsistent with this chapter or rules or regulations adopted pursuant to this chapter. Otherwise, this chapter is not intended to affect existing retirement or pension systems established by local or special Act or to preclude the establishment of individual employer retirement systems by future local or special Acts.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 3 - RETIREMENT PLANS (§§ 47-5-40 — 47-5-47) › Section 47-5-47 - Return of contributions to employee or employee's estate

Except as otherwise provided with respect to the provision of death benefits under a plan, plans providing for retirement benefits established under this chapter shall provide that mandatory contributions made by a participating employee shall be returned to such employee's surviving spouse or to the estate of the participant or the participant's pre-retirement beneficiary in the event of death before retirement. If the employee is separated from employment prior to the time he or she is eligible for retirement benefits, such contributions shall be returned unless the employee chooses to claim his or her vested benefits, in which case the employee contributions shall remain with the fund until such time as the employee becomes eligible for the vested benefits. Such contributions may be returned without interest or with such interest as is provided in the plan.
Amended by 2015 Ga. Laws 133,§ 4, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 4 - MISCELLANEOUS PROVISIONS (§§ 47-5-70 — 47-5-72) › Section 47-5-70 - Creation of debts of the state under this chapter

Nothing in this chapter shall create a debt of the State of Georgia.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 4 - MISCELLANEOUS PROVISIONS (§§ 47-5-70 — 47-5-72) › Section 47-5-71 - Exemption from levy, attachment, or other process of funds held by the board of trustees or for its account; assignment of benefits or contracts established under this chapter

Funds held by the board of trustees or for its account shall not be subject to process, levy, or attachment; nor shall benefits arising under this chapter or any contract pursuant to this chapter be assignable.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 5 - GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (§§ 47-5-1 — 47-5-72) › Article 4 - MISCELLANEOUS PROVISIONS (§§ 47-5-70 — 47-5-72) › Section 47-5-72 - Exemption of chapter from regulation under Title 33

Except as otherwise specified in this chapter, the provision of retirement benefits and employee benefits pursuant to this chapter shall not be subject to regulation under Title 33.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-20 - Creation and administration of the retirement system; commencement of operations; corporate powers and privileges; name in which retirement system to transact business

(a)
A retirement system is created and placed under the administration of the Board of Trustees of the Employees' Retirement System of Georgia to provide retirement allowances and other benefits for members of the General Assembly. The system shall begin operation as of July 1, 1967.
(b)
The system shall have the power and privileges of a corporation and shall be known as the "Georgia Legislative Retirement System." By such name all of its business shall be transacted, all of its funds shall be invested, and all of its cash, securities, and other property shall be held.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-21 - Creation of the office of executive secretary

There is created an office to be known as the "executive secretary of the Georgia Legislative Retirement System." The director of the Employees' Retirement System of Georgia shall serve as executive secretary of this system.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-22 - Powers and duties of the board of trustees

(a)
The general administration and responsibility for the proper operation of the system and for putting this chapter into effect are vested in the board.
(b)
The board shall engage such actuarial and other services as shall be required to transact the business of the system.
(c)
The board shall designate an actuary who shall be the technical adviser of the board on matters regarding the operation of the system and shall perform such other duties as are required in connection therewith.
(d)
At least once in each five-year period following the date of establishment, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the system and shall make a valuation of the contingent assets and liabilities of the system. The board, after taking into account the results of such investigation and valuation, shall adopt for the system such mortality, service, and other tables as shall be deemed necessary.
(e)
On the basis of regular interest and tables adopted by the board, the actuaries shall make valuations of the contingent assets and liabilities of the system at least once every three years.
(f)
The board shall keep in convenient form such data as shall be necessary for the actuarial valuations of the contingent assets and liabilities of the system and for checking the experience of the system.
(g)
The board shall determine, from time to time, the rate of regular interest for use in all calculations, with the rate of 4 percent per annum applicable unless changed by the board.
(h)
Subject to the limitations of this chapter, the board shall, from time to time, establish rules and regulations for the administration of the system and for the transaction of business.
(i)
The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public.
(j)
All persons employed by the board and the expenses of the board shall be paid from funds appropriated to the General Assembly.
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 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-23 - Investment powers of board; members' and employees' dealings with funds; vouchers for payments

(a)
The board shall be the trustee of the funds of the system; may invest and reinvest such funds; and may hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created under this chapter shall have been invested, as well as the proceeds of such investments and any moneys belonging to such fund, all in such manner as funds of the Employees' Retirement System of Georgia are invested and reinvested.
(b)
Except as otherwise provided for in this chapter, no member or person employed by the board shall have a direct interest in the gains or profits of any investment made by the board. No member or employee of the board shall, directly or indirectly, for himself or as an agent, in any manner use the funds of the system except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of the board become an endorser, surety, or in any manner an obligor for moneys loaned or borrowed from the board.
(c)
The board shall be the custodian of the funds of the system. All payments from such funds shall be made by the board only upon vouchers signed by two persons designated by the board.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-24 - Members' account; accumulation account; crediting of interest and dividends

(a)
All of the assets of the system shall be credited, according to the purpose for which they are held, to either the members' account or the accumulation account. The benefits under this chapter and all administrative expenses shall be paid from such accounts.
(b)
The members' account shall be the account in which the contributions made by members and regular interest credited on such amounts shall be held.
(c)
The accumulation account shall be the account in which all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the state shall be held and from which all retirement allowances payable under the system and the administrative expenses shall be paid. All interest and dividends earned on the funds of the system shall be credited to the accumulation account.
Amended by 2005 Ga. Laws 103,§ 18, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 2 - CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM (§§ 47-6-20 — 47-6-25) › Section 47-6-25 - Plan year designated

For purposes of complying with federal Internal Revenue Service rules and regulations, the plan year for this retirement system shall be the 12 month period beginning on July 1 of each year.
Added by 2009 Ga. Laws 275,§ 25, eff. 5/11/2009.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 3 - MEMBERSHIP IN THE RETIREMENT SYSTEM (§§ 47-6-40 — 47-6-42) › Section 47-6-41 - [Repealed] Transition of membership from Georgia Legislative Retirement System to Employees' Retirement System of Georgia; current beneficiaries; state contributions; rules and regulations

Repealed and reserved by 2010 Ga. Laws 681,§ 52, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 3 - MEMBERSHIP IN THE RETIREMENT SYSTEM (§§ 47-6-40 — 47-6-42) › Section 47-6-42 - State contributions

After April 13, 1979, the contributions of the state under this Code section to this system shall be determined by the board each year on the basis of the most recent actuarial valuation. The board shall certify to the legislative fiscal officer the amount of the state's contributions due to the system. The state's contributions shall be paid from funds appropriated to the legislative branch of government and shall be in an amount determined by the board to be necessary to cover the costs of financing and administering the system. The legislative fiscal officer is directed to pay to the board the contributions of the state together with an amount necessary to cover the required employer contributions for social security coverage.
Amended by 2010 Ga. Laws 681,§ 53, eff. 7/1/2010.
Amended by 2005 Ga. Laws 103,§ 19, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 5 - SERVICE CREDITABLE TOWARD RETIREMENT (§§ 47-6-70 — 47-6-70.2) › Section 47-6-70 - Creditable service

(a)
The creditable service of a member shall include all established creditable prior service and service as a member of the General Assembly since he last became a contributing member of the system, in respect to which he makes contributions to the system. It shall also include, in the case of a member who became such on July 1, 1967, and remained a contributing member of the system continuously thereafter until his death or his retirement under the system or until he otherwise separates from service.
(b)
Any member who has prior service as a member of the General Assembly rendered after July 1, 1967, for which creditable service under this retirement system has not been obtained shall receive creditable service for such prior service subject to the following conditions and requirements:
(1)
The prior service as a member of the General Assembly must have been rendered while the member was a contributing member of either this retirement system or the Employees' Retirement System of Georgia;
(2)
Employee contributions made by the member during the period of such prior service must not have been withdrawn by the member; and
(3)
Creditable service obtained under this subsection shall be applicable only to the Georgia Legislative Retirement System and shall have no application whatsoever to the Employees' Retirement System of Georgia or to any rights retained under that retirement system pursuant to the provisions of subsection (d) of Code Section
47-6-42
.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 5 - SERVICE CREDITABLE TOWARD RETIREMENT (§§ 47-6-70 — 47-6-70.2) › Section 47-6-70.1 - Prior service credit for military service

Any member who served on active duty in the armed forces of the United States during any period when a military draft was in effect and who was honorably discharged from military service may receive prior service credit under this chapter for such active duty military service subject to the following conditions and requirements:
(1)
This Code section shall apply only to those members who have eight or more years of creditable service under this chapter;
(2)
Prior service credit for military service under this Code section may be obtained under a ratio of one year of credit for military service for each five years of creditable service, not considering creditable service under this Code section, or, for military service of less than a full year, under a ratio of credit for one month of military service for each five months of creditable service;
(3)
No prior service credit for military service may be obtained under this Code section if credit for such military service has been or may be obtained under any other provision of this chapter;
(4)
No prior service credit for military service may be obtained under this Code section if such military service has been or may be used in the determination of the member's eligibility for retirement benefits or allowances under any other state retirement or pension system, any retirement or pension system of a political subdivision, or any federal retirement or pension program, except social security and those retirement programs covered under Public Law 810, 80th Congress, as amended;
(5)
The total amount of prior service credit for military service may not exceed five years for all military service which is creditable as prior service under this chapter; and
(6)
The member must pay to the board of trustees the regular employee contribution provided by subsection (a) or (a.1) of Code Section
47-6-60
based on the amount of such contributions that were required and in effect at the time the military service was rendered plus interest on such employee contributions at the rate of 7 percent per annum compounded annually from the time the military service was rendered until the date of payment.
Amended by 2022 Ga. Laws 747,§ 3, eff. 7/1/2022, only if it is determined to have been concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Standards Law".
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 5 - SERVICE CREDITABLE TOWARD RETIREMENT (§§ 47-6-70 — 47-6-70.2) › Section 47-6-70.2 - Reestablishment of creditable service by current members who ceased being members of General Assembly and who withdrew retirement contributions

Any current member who had previously ceased to be a member of the General Assembly and who withdrew accumulated contributions from the retirement system pursuant to Code Section
47-6-85
may reestablish as creditable service the total creditable service possessed by the member at the time of such withdrawal of accumulated contributions by paying to the board of trustees the amount of accumulated contributions which were withdrawn plus regular interest on such amount compounded annually from the date of the withdrawal of such contributions to the date of payment.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 6 - RETIREMENT, RETIREMENT ALLOWANCES, AND DEATH BENEFITS (§§ 47-6-80 — 47-6-85) › Section 47-6-81 - Optional retirement allowances

(a)
Until the first payment on account of the retirement allowance becomes normally due, any beneficiary may elect, by filing written application with the board, to convert the retirement allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value under one of the optional forms named below:
(1)
Option One shall consist of a reduced retirement allowance payable during the beneficiary's life, with the provision that the reduced allowance shall continue after his death to and for the life of the contingent beneficiary designated by him in such application, if such contingent beneficiary survives him; and
(2)
Option Two shall consist of a reduced retirement allowance payable during the beneficiary's life, with the provision that one-half of the reduced allowance shall continue after his death to and for the life of the contingent beneficiary designated by him in such application, if such contingent beneficiary survives him.
(b)
Any other provisions of this Code section or of this chapter to the contrary notwithstanding, the board of trustees may, by rule or regulation, require that when a member or a retired member dies and the beneficiary is a person other than the surviving spouse of the member, the benefits payable to the beneficiary shall be paid to the beneficiary within a definite time period immediately following the death of the member or retired member. For purposes of this Code section, the term "equivalent actuarial value" means a benefit of equivalent value when computed upon the bases of the mortality tables and rates of interest adopted for such purpose by the board of trustees.
Amended by 2006 Ga. Laws 454,§ 1, eff. 4/14/2006.
Amended by 2005 Ga. Laws 103,§ 20, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 6 - RETIREMENT, RETIREMENT ALLOWANCES, AND DEATH BENEFITS (§§ 47-6-80 — 47-6-85) › Section 47-6-82 - Manner in which retirement allowances to be paid; termination of payments upon death

All retirement allowances shall be paid in monthly installments and shall cease with the month in which the death of the beneficiary occurs, except as otherwise provided in Code Section
47-6-81
.
Amended by 2005 Ga. Laws 103,§ 21, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 6 - RETIREMENT, RETIREMENT ALLOWANCES, AND DEATH BENEFITS (§§ 47-6-80 — 47-6-85) › Section 47-6-83 - Payments made upon the death of a member, upon death of a beneficiary who has not elected an optional retirement allowance, or upon death of a member before retirement

(a)
Upon the death of any member of the system, a lump sum amount shall be paid to such person as he has nominated by written designation, filed with the board, otherwise to his estate. Such lump sum amount shall be equal to the amount of his accumulated contributions.
(b)
Upon the death of a beneficiary who has not elected an optional form of allowance under Code Section
47-6-81
, a lump sum amount shall be paid to such person as he has last nominated by written designation, filed with the board, otherwise to his estate. Such lump sum amount shall be equal to the excess, if any, of his accumulated contributions at the time his allowance commenced over the sum of the retirement allowance payments made to him.
(c)
Upon the death before retirement of a member of the system otherwise eligible for retirement or of a member with 15 years of creditable service, the person nominated by him to receive the lump sum amount in subsection (a) of this Code section shall receive, in lieu of such lump sum payment, an allowance for life in the same amount as if the deceased member had retired at the time of his death and had named such person as contingent beneficiary under Option One of Code Section
47-6-81
. If the person nominated is not living at the death of the deceased member, the accumulated contributions shall be paid to the estate of the deceased member.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 6 - RETIREMENT, RETIREMENT ALLOWANCES, AND DEATH BENEFITS (§§ 47-6-80 — 47-6-85) › Section 47-6-85 - Refund of accumulated contributions upon termination of membership

Except as otherwise provided in Article 2 of Chapter 1 of this title, a member's accumulated contributions shall be 100 percent vested and nonforfeitable at all times. Upon the request of a member who ceases to be a member of the system for reasons other than retirement or death, the member shall be paid the member's accumulated contributions as soon as feasible after such request. If the member dies before payment has been made, the amount of the member's accumulated contributions shall be paid to such person as the member has nominated by written designation filed with the board, otherwise to the member's estate.
Amended by 2009 Ga. Laws 275,§ 28, eff. 5/11/2009.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 7 - MISCELLANEOUS PROVISIONS (§§ 47-6-100 — 47-6-101) › Section 47-6-100 - Exemption of rights and benefits from taxation; exemption from legal process; assignability

The right of a person to a retirement allowance or to the return of contributions, a retirement allowance itself, any optional allowance or payment on death, or any other right accrued or accruing to any person under this chapter and the moneys of the system are exempted from any state or municipal tax; are exempted from levy and sale, garnishment, attachment, or any other process whatsoever; and shall be unassignable except as otherwise specifically provided for in this chapter.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 6 - GEORGIA LEGISLATIVE RETIREMENT SYSTEM (§§ 47-6-1 — 47-6-101) › Article 7 - MISCELLANEOUS PROVISIONS (§§ 47-6-100 — 47-6-101) › Section 47-6-101 - Attempts to defraud the retirement system by means of false statements or falsified records; adjustment of erroneous payments

(a)
Any person who knowingly makes any false statements or falsifies or permits to be falsified any records of the system in any attempt to defraud the system, as a result of such an act, shall be guilty of a misdemeanor and, on conviction, shall be punished by a fine not to exceed $500.00, imprisonment not to exceed 12 months, or both.
(b)
If any change or error in the records results in any member or beneficiary receiving from the system more or less than he would have been entitled to receive had the records been correct, the board shall have the power to correct such error and to adjust the payments as far as practicable in such a 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 7 - GEORGIA FIREFIGHTERS' PENSION FUND (§§ 47-7-1 — 47-7-127) › Article 1 - GENERAL PROVISIONS (§§ 47-7-1 — 47-7-2) › Section 47-7-2 - Purpose of fund; legislative intent

The fund is established as a voluntary pension system which provides benefits intended to supplement primary pension benefits provided by fire departments or the governmental units or volunteer districts establishing fire departments. It is the intent of the General Assembly in authorizing the benefits of this chapter:
(1)
To provide an additional benefit which may be used by fire departments of the state or political subdivisions of the state to attract and retain qualified firefighters; and
(2)
To limit the availability of such benefits to those fire departments which satisfy the minimum requirements for membership provided in this chapter so as to induce political subdivisions and the fire departments serving such political subdivisions to meet and maintain compliance with such minimum standards which the General Assembly deems essential to improving the ability of a fire department to suppress fires.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 7 - GEORGIA FIREFIGHTERS' PENSION FUND (§§ 47-7-1 — 47-7-127) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE FUND (§§ 47-7-20 — 47-7-27) › Section 47-7-20 - Membership of the board; manner of election; compensation and expenses

(a)
To carry out this chapter, there is created the Board of Trustees of the Georgia Firefighters' Pension Fund. The board shall consist of five members as follows:
(1)
The Governor or the Governor's designee;
(2)
The Commissioner of Insurance or the Commissioner of Insurance's designee;
(3)
Two active members of the fund appointed by the Governor; and
(4)
One retired member of the fund appointed by the Governor.
(b)
The first members appointed by the Governor pursuant to paragraphs (3) and (4) of subsection (a) of this Code section shall be appointed to take office on July 1, 1984. One of the persons appointed pursuant to paragraph (3) of subsection (a) of this Code section and the person appointed pursuant to paragraph (4) of subsection (a) of this Code section shall each be appointed for an initial term of two years. The remaining person appointed pursuant to paragraph (3) of subsection (a) of this Code section shall be appointed for an initial term of four years. Thereafter, successors shall be appointed by the Governor to take office upon the expiration of the respective terms of office for terms of four years. All such members shall serve until their successors are appointed and qualified. In the event of a vacancy during the term of office of any such member, the Governor shall appoint a qualified person to fill such vacancy for the unexpired term.
(c)
The Georgia State Firefighters' Association shall be authorized to submit to the Governor the names of nominees for each position on the board appointed by the Governor pursuant to subsection (b) of this Code section. The Governor, in making such appointments, may consider the nominees submitted by said association, but all such appointments shall be at the sole discretion of the Governor, and the Governor shall not be required to appoint members of the board from such nominees.
(d)
Members of the board shall serve without pay but all members of the board shall be reimbursed for all necessary expenses that they may incur through service on the board.
Amended by 2015 Ga. Laws 133,§ 6, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 7 - GEORGIA FIREFIGHTERS' PENSION FUND (§§ 47-7-1 — 47-7-127) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE FUND (§§ 47-7-20 — 47-7-27) › Section 47-7-21 - Creation of the office of executive director of the board; appointment of the executive director; compensation; bond

There is created the office of executive director of the Georgia Firefighters' Pension Fund. The executive director shall be named by the board and shall serve at the pleasure of the board. The compensation of the executive director shall be fixed by the board. He or she shall be bonded by a corporate surety in such amount as the board shall determine to be sufficient. The cost of such bond shall be paid by the fund.
Added by 2005 Ga. Laws 15,§ 1, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 47 - RETIREMENT AND PENSIONS (§§ 47-1-1 — 47-25-101) › Chapter 7 - GEORGIA FIREFIGHTERS' PENSION FUND (§§ 47-7-1 — 47-7-127) › Article 2 - ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE FUND (§§ 47-7-20 — 47-7-27) › Section 47-7-22 - Legal adviser to the board

The Attorney General shall act as legal adviser to the board.
Amended by 2010 Ga. Laws 681,§ 65, eff. 7/1/2010.