O.C.G.A.
O.C.G.A.

O.C.G.A. § 47-21-25 (2019)

Annual duties

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(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 employer contribution rates for the purpose of establishing the health plan from fiscal year to fiscal year and additional employer contribution rates in accordance with the health plan for other post-employments benefits.

(c) It shall be the responsibility of employers to make contributions to the fund in accordance with the employer contribution rates established by the board.

History

(Code 1981, § 47-21-25, enacted by Ga. L. 2007, p. 68, § 3/SB 156.)

Annotations

CHAPTER 22 GEORGIA DEFINED CONTRIBUTION PLAN Sec.

Definitions. Creation of Georgia Defined Contribution Plan. Executive secretary. Administration and operation of plan; records; payment of employees and expenses; investment. Trustee of funds of plan; power to invest funds; conflicts of interest as to investments; custody of funds; vouchers. Legal adviser. Membership in plan.

Sec.

Member contributions; earnings. Payment of lump sum on termination of employment; continued accrual of earnings absent request for lump sum payment; withdrawal of moneys and closing of account upon cessation of employment; vesting and nonforfeitablility. Lump sum payment on death of member. Retirement; option to receive periodic payment.