There is created a public corporation of this state to be known as “The Board of Trustees of the Georgia Municipal Employees Benefit System (GMEBS).” Said corporation shall be the successor to the Joint Municipal Employees Retirement System (JMERS) and it is the intent of this chapter that all rights, duties, and obligations of JMERS […]
The board of trustees shall consist of 15 members. To be eligible for membership on the board of trustees, a person must be a citizen of this state. Members of the board of trustees shall be eligible to succeed themselves but shall not serve more than three consecutive full terms. Except for the term of […]
At its first meeting following July 1 in each year, the board of trustees shall elect a chairman, secretary, treasurer, and such other officers as provided in the bylaws of the board. The secretary and the treasurer need not be members of the board; and such offices may, in the discretion of the board of […]
The board of trustees shall have the following specific powers, together with such other powers as may be necessary or incidental to such powers in effectuating the purposes of this chapter: To adopt bylaws governing its operations and procedures; To contract with municipal corporations and other public bodies of this state and private entities for […]
The board of trustees is authorized to invest and reinvest funds held by it in any investments which are legal investments under Article 7 of Chapter 20 of this title, the “Public Retirement Systems Investment Authority Law”. The board of trustees shall have the discretion to decide the allocation of funds among such investments. The […]
The board of trustees shall prescribe in its bylaws the method of valuation of assets, which method shall be in accordance with acceptable accounting practices in use by corporate trustees. History. Ga. L. 1965, p. 421, § 18.
The board of trustees shall file with each member employer an annual written report showing pertinent transactions affecting its respective retirement fund account, workers’ compensation fund account, or employee benefit fund account since the last previous such report. Within 90 days of the receipt of such report, a member employer may file written objections with […]
The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by it and may be chargeable by it to either principal or income or both, as determined by it, as of any valuation date. Further, the board of trustees shall have the […]
The board of trustees shall administer the retirement fund and shall maintain records as follows: The board of trustees shall maintain individual accounts for each participating employee, to which shall be credited the dollar value of participation allocated to such employee under the respective member employer’s retirement plan, and such other accounts, if any, as […]
The board of trustees shall determine the principal and income of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds on periodic evaluation dates established by the board of trustees, but at least once every 12 months. Income shall be determined by the board of trustees in accordance with an established method […]
At least once every 12 months an audit shall be made of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds by independent certified public accountants responsible only to and appointed by the board of trustees. The compensation and reasonable expenses of any independent public accountants may be charged to the funds […]
