§ 47-21-1. Short Title
This chapter shall be known and may be cited as the “Regents Retirement Plan Act.” History. Code 1981, § 47-21-1 , enacted by Ga. L. 1990, p. 1811, § 2.
§ 47-21-2. Definitions
As used in this chapter, the term: “Board of regents” means the Board of Regents of the University System of Georgia. “Board of trustees” means the Board of Trustees of the Teachers Retirement System of Georgia. “Earnable compensation” means the full rate of regular compensation payable to a participating employee for the employee’s normal working […]
§ 47-21-3. Establishment and Administration of Optional Retirement Plan; Designation of Companies From Which Contracts Will Be Purchased
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. The […]
§ 47-21-4. Employee and Other Contributions
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. The University System of Georgia shall contribute to the optional retirement plan on behalf of each participating employee the following: Prior to January 1, […]
§ 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 […]
§ 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. History. Code 1981, § 47-21-7 , enacted by Ga. L. 1990, p. 1811, § 2.
§ 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. […]