Notwithstanding any other provision of law to the contrary, in order to carry out the provisions of the deferred compensation plan, the state or any county, municipality, or other political subdivision is authorized to make payments for the purchase of insurance, endowments, annuities, mutual funds, or savings from funds derived from the deferral of compensation. Such payments shall not be construed to be a prohibited use of the general assets of the state, county, municipality, or other political subdivision. The Board of Trustees of the Employees' Retirement System of Georgia or the administrator of the plan shall have the power to arrange for a custodian for the holding of such insurance policies, funds, investments, and other assets of the fund.
(Ga. L. 1974, p. 198, § 5; Ga. L. 1981, p. 119, § 1; Ga. L. 2005, p. 134, § 1/HB 275.)
OPINIONS OF THE ATTORNEY GENERALThis section does not expand investment authority of political subdivisions of the state. 1980 Op. Att'y Gen. No. U80-55.
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.
State Personnel Board obligated to take steps to defray administrative costs.- State Personnel Board is under an obligation to invest deferred compensation for interest income to defray administration costs or to take such other steps as may be necessary to defray administrative costs. 1980 Op. Att'y Gen. No. 80-6.