§ 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. History. Code 1981, § 47-20-61 […]
§ 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 […]
§ 47-20-80. Short Title
This article shall be known and may be cited as the “Public Retirement Systems Investment Authority Law.” History. Code 1981, § 47-20-80 , enacted by Ga. L. 2000, p. 2, § 2.
§ 47-20-1. Short Title
This chapter shall be known and may be cited as the “Public Retirement Systems Standards Law.” History. Code 1981, § 47-20-1 , enacted by Ga. L. 1983, p. 1368, § 1. Cross references. Funding standards, Ga. Const. 1983, Art. III, Sec. X, Para. V.
§ 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 […]
§ 47-20-3. Definitions
As used in this chapter, the term: “Accumulated retirement system benefits” means benefits that are attributable under the provisions of a retirement system to employees’ service rendered to a specific valuation date. “Actuarial accrued liability” means that portion, as determined by a particular actuarial cost method, of the actuarial present value of retirement system benefits […]
§ 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 […]
§ 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. History. Code 1981, § 47-20-5 , enacted […]
§ 47-20-10. Minimum Annual Employer Contribution
In order to assure the actuarial soundness of each retirement system, the minimum annual employer contribution for each retirement system, unless excepted by Code Section 47-20-13, shall be the sum of the amounts determined under paragraphs (1), (2), and (3) of this subsection minus the amount determined under paragraph (4) of this subsection; provided, however, […]
§ 47-20-10.1. Other Post-Employment Benefits
Political subdivisions are authorized to establish plans to provide for payment of other post-employment benefits, as defined by Governmental Accounting Standards Board Statements Number 43 and Number 45 for their eligible present and future retirees and other related expenses as described herein. Such benefits may be prefunded by irrevocable trusts or other authorized funding mechanisms […]