§ 45-18-24. Definitions
As used in this part, the term: “Actuarial accrued liability” means that portion, as determined by a particular actuarial cost method, of the actuarial present value of fund obligations and administrative expenses which is not provided for by future normal costs. “Actuarial assumptions” means assumptions regarding the occurrence of future events affecting costs of the […]
§ 45-18-25. Creation of Georgia State Employees Post-Employment Health Benefit Fund; Identification and Transfer of Funds From Georgia Retiree Health Benefit Fund; How Funds Used
There is created the Georgia State Employees Post-employment Health Benefit Fund to provide for the costs of post-employment health insurance benefits. The fund shall be a trust fund of public funds; the board in its official capacity shall be the fund’s trustee; and the commissioner in his or her official capacity shall be its administrator. […]
§ 45-18-25.1. Responsibilities and Procedures for Fund Operation; Rules and Regulations; Employment of Personnel and Professionals; Maintenance of Records; Collection of Moneys; Report
Responsibility for the proper operation of the fund is vested in the department. The board shall adopt actuarial assumptions as it deems necessary and prudent. The board may adopt any rules and regulations that it finds necessary to properly administer the fund. The board shall adopt rules and regulations to account for employer contributions and […]
§ 45-18-26. Technical Advice; Annual Actuarial Valuations
The actuary employed or retained by the department shall provide technical advice to the department and to the board regarding the operation of the fund. Utilizing the actuarial assumptions most recently adopted by the board, the actuary shall set annual actuarial valuations of normal cost, actuarial liability, actuarial value of assets, and related actuarial present […]
§ 45-18-27. Control of Fund by Commissioner; Obligations to Be Paid From Fund; Investment Powers; Prohibition Against Personal Interest
Subject to the supervision of the board, the commissioner shall have control over the fund established by this part. The obligations provided for in this part and all administrative expenses shall be paid from the fund. The department may expend moneys from the fund for any purpose authorized by this part. Subject to the supervision […]
§ 45-18-28. Minimum Annual Required Contributions; Employer Responsibilities
The board shall annually determine the minimum annual required contributions sufficient to maintain the fund in an actuarially sound manner in accordance with Governmental Accounting Standards Board Statement No. 43 or any subsequent Governmental Accounting Standards Board statements that may be applicable to the fund. The board may annually establish required employer contributions to the […]