The state or any county, municipality, or other political subdivision may contract with any employee to defer, in whole or in part, any portion of such employee's compensation under a deferred compensation plan; and the state, county, municipality, or other political subdivision may provide the deferred compensation plan itself or it may contract with any company qualified to do business in this state to provide such benefits.
(Ga. L. 1974, p. 198, § 2; Ga. L. 2005, p. 134, § 1/HB 275.)
OPINIONS OF THE ATTORNEY GENERAL
Intent of section.
- This section is intended to afford every state employee the opportunity to participate in state deferred compensation plan once it is implemented. 1980 Op. Att'y Gen. No. 80-6.
State Personnel Board, as administrator of the plan, is entity with whom employee actually contracts. 1980 Op. Att'y Gen. No. 80-6.
Methods of funding.- The Georgia Deferred Compensation Plan can be funded by any of several methods so long as the plan operates without cost to the state except for the incidental expense of administering the payroll salary deduction or reduction and the remittance thereof. 1975 Op. Att'y Gen. No. 75-107.
Board of Regents.
- Establishment of tax deferred plan under § 401(k) of Internal Revenue Code (26 U.S.C. § 401(k)) by Board of Regents of University System of Georgia or institutions within system would not conflict with O.C.G.A. § 45-18-31, which governs the State Compensation Plan since the State Deferred Compensation Plan is in addition to any other retirement, pension, or other benefit provided by law. 1985 Op. Att'y Gen. No. 85-9.
Establishment of a deferred compensation plan allowed by § 457 of the Internal Revenue Code (26 U.S.C. § 457) by the Board of Regents of the University System of Georgia would not conflict with O.C.G.A. § 45-18-31, since the State Deferred Compensation Plan is in addition to any other retirement, pension, or other benefit provided by law. 1985 Op. Att'y Gen. No. 85-20.