There is created a retirement system which shall be placed under the management and control of the board for the purposes of providing retirement benefits and other benefits under this chapter for public school employees. It shall be a budget unit of the state government and shall have the power and privileges of a corporation […]
There is created the Public School Employees Retirement Fund, which shall be administered by the board. History. Ga. L. 1969, p. 998, § 11.
The board shall be composed of all members of the Board of Trustees of the Employees’ Retirement System of Georgia and two additional members appointed by the Governor. The first two members appointed by the Governor shall be appointed to take office on July 1, 1984. One of such members shall be appointed for an […]
The members of the board, and each of them, shall be free from all liability, joint or several, for their acts, omissions, and conduct and for the acts, omissions, and conduct of their duly constituted agents in the administration of the retirement system and the fund. The state shall indemnify and save them, and each […]
The Attorney General shall be the legal adviser of the board. History. Ga. L. 1969, p. 998, § 17; 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, § 1, not codified by the General […]
The board is given the following powers and duties: To provide for the collection of all money provided for in this chapter; To provide for the payment of all administrative expenses; To hear and decide all applications for retirement benefits under this chapter; To provide for the payment of all retirement benefits that may be […]
The board shall be the trustees of the funds and shall have control of the funds provided for in this chapter and all funds received by the board shall be deposited in a special account to the credit of the Public School Employees Retirement Fund. The benefits under this chapter and all administrative expenses shall […]
The board may take any gift, grant, or bequest, any money, any real or personal property, or any other thing of value and hold or invest the same for the uses and purposes of the retirement system, in accordance with this chapter. History. Ga. L. 1969, p. 998, § 15.
The board shall keep permanent records of all its accounts in granting retirement benefits and shall keep proper records and books concerning its operation. Each year at the beginning of the regular session of the General Assembly the board shall present an annual financial statement of the fund. History. Ga. L. 1969, p. 998, § […]
The General Assembly shall make appropriations to the retirement system sufficient to provide for the employer contributions required by subsection (b) of Code Section 47-4-60 and to otherwise carry out this chapter. The board shall establish an expense fund to which shall be credited the funds provided by appropriations of the General Assembly in order […]
For purposes of complying with federal Internal Revenue Service rules and regulations, the plan year for this retirement system shall be the 12 month period beginning on July 1 of each year. History. Code 1981, § 47-4-30 , enacted by Ga. L. 2009, p. 947, § 21/HB 202. Effective date. — This Code section became […]
