As used in this chapter, the term: “Accumulated contributions” means the sum of all amounts deducted from the compensation of a member’s salary and credited to such member’s individual account in this plan, together with earnings thereon as provided in this chapter. “Board” means the Board of Trustees of the Employees’ Retirement System of Georgia. […]
Upon the death of any member, a lump sum amount shall be paid to such person as the member has nominated by written designation, filed with the board; otherwise to the member’s estate. Such lump sum amount shall be equal to the total amount credited to the member’s account on the date of the member’s […]
Any member shall be entitled to retire upon attaining the age of 65. Such member shall have the option to receive a periodic payment as permitted by the board. History. Code 1981, § 47-22-11 , enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2005, p. 535, § 29/HB 460.
There is created and placed under the administration of the Board of Trustees of the Employees’ Retirement System of Georgia the Georgia Defined Contribution Plan. History. Code 1981, § 47-22-2 , enacted by Ga. L. 1992, p. 1288, § 1.
There is created an office known as the executive secretary of the Georgia Defined Contribution Plan, and the director of the Employees’ Retirement System of Georgia shall serve as the executive secretary of the plan. History. Code 1981, § 47-22-3 , enacted by Ga. L. 1992, p. 1288, § 1.
The general administration and responsibility for the proper operation of the plan and for putting this chapter into effect are vested in the board. The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public. All persons employed by the board and the expenses […]
The board shall be the trustee of the funds of the plan; 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 […]
The Attorney General shall be the legal adviser of the board. History. Code 1981, § 47-22-6 , enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2010, p. 1207, § 65/SB 436. The 2010 amendment, effective July 1, 2010, substituted “adviser” for “advisor” near the end. Editor’s notes. Ga. L. 2010, p. 1207, […]
Any person who is an employee on July 1, 1992, shall become a member of the plan on such date. Any person who becomes an employee after July 1, 1992, shall become a member on the date such person becomes an employee. History. Code 1981, § 47-22-7 , enacted by Ga. L. 1992, p. 1288, […]
Each member shall contribute 7 1/2 percent of such member’s gross salary. Such contributions shall be made through payroll deductions. Such amount so deducted shall be credited to the individual account of the member. Earnings shall be credited to each member’s account pursuant to rules and regulations adopted by the board as prescribed by the […]
Upon the written request of a member who ceases to be an employee, a lump sum amount shall be paid to such person equal to the total amount credited to such member’s account at the time the member ceases to be an employee. If no such request is made, the member’s account shall continue to […]
