O.C.G.A. § 45-18-28 (2019)
Minimum annual required contributions; employer responsibilities
(a) The board shall annually determine the minimum annual required contributions sufficient to maintain the fund in an actuarially sound manner in accordance with Governmental Accounting Standards Board Statement No. 43 or any subsequent Governmental Accounting Standards Board statements that may be applicable to the fund. (b) The board may annually establish required employer contributions to the fund which are supplemental to required employer contributions to the health plans as set forth in Part 1 of this article.
PUBLIC OFFICERS & EMPLOYEES
(c) It shall be the responsibility of state agencies to make contributions to the fund, subject to appropriations, in accordance with the employer contribution rate established by the board. (d) It shall be the responsibility of all other employers to make contributions to the fund in accordance with the employer contribution rates established by the board.
History
(Code 1981, § 45-18-28, enacted by Ga. L. 2009, p. 49, § 2/SB 122.)
Annotations
OPINIONS OF THE ATTORNEY GENERAL Distinction between state deferred compensation plans and optional life insurance programs under O.C.G.A. § 45-7-51. - State Deferred Compensation Law pertains to deferred compensation plan which is aimed primarily at deferring compensation and taxable event of receiving compensation until a later time. Ga. L. 1976, p. 1603, § 1 (see now O.C.G.A. § 45-7-51) creates an optional life insurance program. This optional program is to be administered by each separate agency, whereas a deferred compensation plan is to be administered by the State Personnel Board. Accordingly, there is no conflict between the two programs and both may exist simultaneously. 1980 Op. Att’y Gen. No. 80-6. State Personnel Board cannot contract to defer compensation for state
tax purposes. 1980 Op. Att’y Gen. No. 80-6. State employee providing services for state for compensation is eligible to participate in deferred compensation plan. 1980 Op. Att’y Gen. No. 80-6. State Personnel Board has no discretion in providing services for state for compensation. It cannot exclude eligible employees from participating in plan, and it may not allow ineligible employees to participate. 1980 Op. Att’y Gen. No. 80-6. Deferred funds must be included when calculating withholding taxes for year. - Even if funds deferred are not included in taxable income for state income tax purposes for year earned, they would be included for purposes of calculating withholding taxes during that year. 1980 Op. Att’y Gen. No. 80-6.