Designation of an Actuary; Duties of Actuary; Annual Valuation of Contingent Assets and Liabilities of the Retirement System

1. Law
2. Georgia Code
3. Retirement and Pensions
4. Employees' Retirement System of Georgia
5. Creation, Administration, and Management of the Assets of the Retirement System
6. Designation of an Actuary; Duties of Actuary; Annual Valuation of Contingent Assets and Liabilities of the Retirement System

1. The board of trustees shall designate an actuary who shall be its technical adviser on matters regarding the operation of the funds created under this chapter and who shall perform such duties as are required in that regard.
2. At least every five years, the actuary shall conduct an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system and shall recommend for adoption by the board of trustees mortality, service, and other tables needed in the operation of the system. Taking into account the results of such investigations, the board of trustees shall from time to time adopt for the retirement system such mortality, service, and other tables as it shall deem necessary for use in all calculations required in connection with this retirement system. The board of trustees shall also determine from time to time the rate of regular interest to be used by the retirement system, which rate shall be limited to a minimum of 2 percent.
3. On the basis of the rate of regular interest and the tables last adopted by the board of trustees, the actuary shall make annual valuations of the contingent assets and liabilities of the retirement system.

(Ga. L. 1949, p. 138, § 6; Ga. L. 1971, p. 418, § 1; Ga. L. 1983, p. 637, § 1; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "adviser" for "advisor" in the middle of subsection (a).

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."

JUDICIAL DECISIONS

Authority to determine service retirement benefits.

- Neither O.C.G.A. § 47-2-120(a) nor O.C.G.A. § 47-2-110(a) provides a formula for the calculation of service retirement benefits; the authority to do so rests with the Board of Trustees of the Employees Retirement System of the State of Georgia (ERS) under the general grant of authority in O.C.G.A. § 47-2-21 and more specific grants of authority in O.C.G.A. §§ 47-2-26 and47-2-28. Alverson v. Employees' Ret. Sys., 272 Ga. App. 389, 613 S.E.2d 119 (2005).

Cited in Ross v. Odom, 401 F.2d 464 (5th Cir. 1968).

OPINIONS OF THE ATTORNEY GENERAL

No "regular interest" accrues while member not in service.

- Since contributions and interest are all that accrue to an account of a member of the retirement system, and since Ga. L. 1959, p. 107, § 2 (see O.C.G.A. § 47-2-70(c)) expressly stated that contributions shall not be made while a member is not in service, it necessarily followed that the word "benefit" must be construed to mean "regular interest." 1971 Op. Att'y Gen. No. 71-26.

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