Administration of Plans; Participation by Employees of County Boards of Health, School Systems, Lake Allatoona Preservation Authority, the Georgia Federal-State Shipping Point Inspection Service, and the Georgia Firefighters' Pension Fund; Provision in Plans for Income Tax Deferral Benefits

  1. Law
  2. Georgia Code
  3. Public Officers and Employees
  4. Employees' Insurance and Benefits Plans
  5. Deferred Compensation Plans
  6. Administration of Plans; Participation by Employees of County Boards of Health, School Systems, Lake Allatoona Preservation Authority, the Georgia Federal-State Shipping Point Inspection Service, and the Georgia Firefighters' Pension Fund; Provision in Plans for Income Tax Deferral Benefits

Checkout our iOS App for a better way to browser and research.

  1. The Board of Trustees of the Employees' Retirement System of Georgia shall administer any deferred compensation plan provided for the employees of the state.
    1. Employees of the county boards of health receiving financial assistance from the Department of Public Health may, with the approval of the Board of Trustees of the Employees' Retirement System of Georgia and the approval of such organizations, participate in the state plan.
    2. Employees of county and independent school systems may, with the approval of the Board of Trustees of the Employees' Retirement System of Georgia and the approval of such systems, participate in the state plan.
    3. Employees of the Lake Allatoona Preservation Authority, the Georgia Federal-State Shipping Point Inspection Service, and the Georgia Firefighters' Pension Fund may, with the approval of the Board of Trustees of the Employees' Retirement System of Georgia and the approval of such organizations, participate in the state plan.
    1. The Board of Trustees of the Employees' Retirement System of Georgia shall investigate and approve a deferred compensation plan which gives the employees of the state income tax benefits in connection with plans authorized by the United States Internal Revenue Code, so that compensation deferred under such plan shall not be included for purposes of computation of any federal income tax withheld on behalf of any such employee or payable by such employee before any deferred payment date. All contributions to the deferred compensation plan shall also be exempt from state withholding tax as long as such contributions are not includable in gross income for federal income tax purposes.
    2. Notwithstanding any conflicting provisions of paragraph (1) of this subsection, for any deferred compensation plan established pursuant to said paragraph, the Board of Trustees of the Employees' Retirement System of Georgia shall be authorized to include as an option for eligible employees a qualified Roth contribution program in accordance with Section 402A of the United States Internal Revenue Code.
  4. The governing body of a city, county, or other political subdivision may appoint an administrator for all deferred compensation plans, whose duties shall include the administration of the plan and the investigation and approval of the plan or plans. All such plans shall provide tax deferral benefits for the respective employees in a manner similar to that of the plan for state employees and may provide as an option for eligible employees a qualified Roth contribution program in accordance with Section 402A of the United States Internal Revenue Code.

(Ga. L. 1974, p. 198, § 4; Ga. L. 1981, p. 662, § 1; Ga. L. 2001, p. 1097, § 1; Ga. L. 2002, p. 814, § 1; Ga. L. 2005, p. 134, § 1/HB 275; Ga. L. 2009, p. 453, § 1-4/HB 228; Ga. L. 2011, p. 705, § 6-3/HB 214; Ga. L. 2017, p. 716, § 1/HB 312.)

The 2017 amendment, effective January 1, 2018, designated the previously existing provisions of this Code section as subsections (a) through (d); added subparagraph (c)(2); and added "and may provide as an option for eligible employees a qualified Roth contribution program in accordance with Section 402A of the United States Internal Revenue Code" at the end of subsection (d).

Law reviews.

- For article on the 2011 amendment of this Code section, see 28 Ga. St. U.L. Rev. 147 (2011).


Download our app to see the most-to-date content.