"Retirement System" Defined; Records Exempt From Public Inspection

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  2. Georgia Code
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  6. "Retirement System" Defined; Records Exempt From Public Inspection

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  1. As used in this Code section, the term "retirement system" means any public retirement system created by this title. Such term also means any association of like political subdivisions the purpose of which is the pooling of funds for retirement or pension purposes.
  2. Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public:
    1. Records containing wiring or automated clearing house transfer of funds instructions or access codes;
    2. Records containing bank account numbers;
    3. All proprietary computer software; and
    4. Any business, financial, or personal information in the possession of such retirement system concerning a party other than such retirement system.
  3. Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public for a period of one year from the date such records were created:
    1. Records containing investment advice rendered by any investment adviser or retirement system employee;
    2. Exhibits to minutes of retirement system board meetings or investment committee board meetings which contain securities trading information;
    3. Securities trade tickets, confirmations, and other records pertaining to securities trades; and
    4. Records which contain proposed terms of sale for real property owned by a retirement system; provided, however, that the records defined in this paragraph shall be subject to disclosure at any time after the sale of real property is consummated.
  4. Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public until the end of the calendar quarter following the calendar quarter in which the record is created:
    1. Records which contain information relating to the investment portfolio composition and positions; and
    2. Exhibits to minutes of retirement system board meetings or investment committee board meetings which contain information relating to investment portfolio composition and positions.
  5. The provisions of subsections (b), (c), and (d) of this Code section shall not restrict access to records:
    1. By an employee of a retirement system in the course of his or her official duties;
    2. Subject to subpoena or other legal process of a court or administrative agency having competent jurisdiction in legal proceedings in which the state or a retirement system is a party;
    3. In criminal prosecutions or other criminal actions brought by state or federal law enforcement authorities;
    4. Given to federal or state regulatory or law enforcement agencies in the course of their official duties; or
    5. Given to the Attorney General and the Department of Law, the Office of Planning and Budget, the state accounting officer and the State Accounting Office, or the state auditor and the Department of Audits and Accounts for use and public disclosure in the ordinary performance of those officers' and offices' duties.

(Code 1981, §47-1-14, enacted by Ga. L. 1997, p. 44, § 1; Ga. L. 2002, p. 1246, § 1; Ga. L. 2005, p. 694, § 39/HB 293; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "adviser" for "advisor" in paragraph (c)(1).

Editor's notes.

- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."


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