O.C.G.A. § 45-18-35 (2019)
Plans to operate without cost to state, counties, cities, or other political subdivisions
The Board of Trustees of the Employees’ Retirement System of Georgia or the administrator of the plan shall arrange for all services required to carry out the deferred compensation plan or plans so that such plan or plans shall operate without cost to the state, county, city, or other political subdivision except for employer contributions to a deferred compensation plan and for the incidental expense of administering the payroll salary deduction or reduction and the remittance thereof.
History
(Ga. L. 1974, p. 198, § 7; Ga. L. 2003, p. 887, § 1; Ga. L. 2005, p. 134, § 1/HB 275.)
Annotations
OPINIONS OF THE ATTORNEY GENERAL Limitation on funding method. - The Georgia Deferred Compensation Plan can be funded by any of several methods so long as the plan operates without cost to the state except for the incidental expense of administering the payroll salary deduction or reduction and the remittance thereof. 1975 Op. Att’y Gen. No. 75-107. State Personnel Board obligated to take steps to defray administrative costs. - State Personnel Board is under an obligation to invest deferred compensation for interest income to defray administration costs or to take such other
steps as may be necessary to defray administrative costs. 1980 Op. Att’y Gen. No. 80-6. Contracts necessary to operate plan are not limited in duration to state fiscal year. - Deferred compensation plan shall operate without cost to the state. The state’s credit is not pledged and no state debt can be created by operation of deferred compensation plan. Therefore, contracts necessary to operate a deferred compensation plan are not limited in duration to the state fiscal year. 1980 Op. Att’y Gen. No. 80-6.
RESEARCH REFERENCES Am. Jur. 2d. - 56 Am. Jur. 2d, Municipal Corporations, Counties, and Other Political Subdivisions, §§ 186, 187.