All the assets of the retirement system shall be credited, according to the purpose for which they are held, among three funds, to be known as the “annuity savings fund,” the “pension accumulation fund,” and the “expense fund.” History. Ga. L. 1949, p. 138, § 8; Ga. L. 1973, p. 900, § 2.
The annuity savings fund shall be the fund in which shall be accumulated the contributions deducted from the compensation of members in order to provide for their annuities. Contributions to and payments from the annuity savings fund shall be made as follows: Each employer shall cause 5 percent of the earnable compensation to be deducted […]
For the purposes of this Code section, the term: “401(k) plan” means the State of Georgia Employees’ Qualified Trust Deferred Compensation Plan. “457(b) plan” means the State of Georgia Employees’ Deferred Compensation Plan. “Contingent annuitant” means an individual designated by an eligible retired member to receive survivor’s benefits from an SGLI annuity. “Eligible retired member” […]
Each employer responsible for the payment of compensation to contributing members shall deduct and collect from each member’s salary the employee contributions required under the retirement system and shall make a monthly report of such actions in such manner and form as are required by the chief fiscal officer of his employer. Such deductions may […]
Any other provisions of law to the contrary notwithstanding, if any employee, his employer, or the designated reporting official fails to make such reports properly as are required under this chapter with respect to employment or membership or to make contributions, the board of trustees, after having exhausted all administrative efforts to obtain such reports […]
As used in this Code section, the term “member” shall not include a member who, prior to July 1, 1980, elected to cease making contributions to the retirement system. On and after July 1, 1980, each employer shall pay to the retirement system, on behalf and to the credit of each member during each and […]
The pension accumulation fund shall be the fund in which shall be held the reserves for all annuities in force and from which shall be paid all annuities and all benefits in lieu of annuities under this chapter. If a beneficiary is restored to membership, his or her annuity reserve shall be transferred from the […]
The maintenance of annuity reserves and pension reserves, the crediting of regular interest to the annuity savings fund under Code Section 47-2-55, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be obligations of the pension accumulation fund, except as provided in paragraph (3) of subsection […]
On or before June 1 of each year, the normal cost and unfunded accrued liability contribution rates, as determined on the basis of the last actuarial valuation, shall be certified by the board of trustees to the director or chief administrative officer of each employer having members in its employ. Each such employer shall make […]
This chapter shall become effective on February 3, 1949, but neither a state agency nor any other employer or member shall be obligated to make contributions for the pensions and annuities under this chapter until after that agency or other employer has made provision in its annual budget for funds for the contribution of its […]
The expense fund shall be the fund to which shall be credited state or federal funds, or both, to pay the administrative expense of the retirement system and from which shall be paid all expenses incurred in the administration and operation of the retirement system. History. Ga. L. 1949, p. 138, § 8; Ga. L. […]
