Powers and Duties of the Board of Trustees

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Georgia Legislative Retirement System
  5. Creation, Administration, and Management of the Assets of the Retirement System
  6. Powers and Duties of the Board of Trustees

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

  1. The general administration and responsibility for the proper operation of the system and for putting this chapter into effect are vested in the board.
  2. The board shall engage such actuarial and other services as shall be required to transact the business of the system.
  3. The board shall designate an actuary who shall be the technical adviser of the board on matters regarding the operation of the system and shall perform such other duties as are required in connection therewith.
  4. At least once in each five-year period following the date of establishment, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the system and shall make a valuation of the contingent assets and liabilities of the system. The board, after taking into account the results of such investigation and valuation, shall adopt for the system such mortality, service, and other tables as shall be deemed necessary.
  5. On the basis of regular interest and tables adopted by the board, the actuaries shall make valuations of the contingent assets and liabilities of the system at least once every three years.
  6. The board shall keep in convenient form such data as shall be necessary for the actuarial valuations of the contingent assets and liabilities of the system and for checking the experience of the system.
  7. The board shall determine, from time to time, the rate of regular interest for use in all calculations, with the rate of 4 percent per annum applicable unless changed by the board.
  8. Subject to the limitations of this chapter, the board shall, from time to time, establish rules and regulations for the administration of the system and for the transaction of business.
  9. The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public.
  10. All persons employed by the board and the expenses of the board shall be paid from funds appropriated to the General Assembly.

(Ga. L. 1967, p. 259, § 3; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "adviser" for "advisor" 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

C.J.S.

- 67 C.J.S., Officers and Public Employees, § 313. 81A C.J.S., States, §§ 213 et seq., 221 et seq., 254 et seq.


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