Power of Board Over Funds; Special Account for Deposit of Funds and Payment of Benefits and Expenses; Investment Powers; Power to Employ Agents

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Public School Employees Retirement System
  5. Creation, Administration, and Management of the Assets of the Retirement System
  6. Power of Board Over Funds; Special Account for Deposit of Funds and Payment of Benefits and Expenses; Investment Powers; Power to Employ Agents

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  1. The board shall be the trustees of the funds and shall have control of the funds provided for in this chapter and all funds received by the board shall be deposited in a special account to the credit of the Public School Employees Retirement Fund. The benefits under this chapter and all administrative expenses shall be paid from this special account. The board shall have authority to expend the funds in accordance with this chapter.
  2. The board shall have full power to invest and reinvest such funds, subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law." Subject to such terms, conditions, limitations, and restrictions, the board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds are invested, including the proceeds of any investments and any money belonging to the fund.
  3. The board is authorized to employ agents, including, but not limited to, banks or trust departments thereof, and to contract with such agents for their services as investment advisers and counselors in making recommendations for investments, and in making investments if the board so authorizes.

(Ga. L. 1969, p. 998, § 12; Ga. L. 1995, p. 651, § 3; Ga. L. 2000, p. 2, § 6; Ga. L. 2005, p. 535, § 17/HB 460; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "advisers" for "advisors" in the middle of subsection (c).

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."

RESEARCH REFERENCES

Am. Jur. 2d.

- 60A Am. Jur. 2d, Pensions and Retirement Funds, §§ 1169 et seq., 1244.

C.J.S.

- 67 C.J.S., Officers and Public Employees, § 313. 81A C.J.S., States, § 224 et seq.


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