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2018 Georgia Code 47-3-23 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 47-3-23 Case Law from Google Scholar Amendments to OCGA 47-3-23

TITLE 47 RETIREMENT AND PENSIONS

Section 3. Teachers Retirement System of Georgia, 47-3-1 through 47-3-142.

ARTICLE 2 CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM

47-3-23. Designation and duties of an actuary for the board of trustees; periodic actuarial investigation and recommendations; calculation tables and regular interest rate; annual valuation.

  1. The board of trustees shall designate an actuary who shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by this chapter and who shall perform such duties as are required in connection therewith.
  2. From time to time, but at least once in every five-year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system and recommend for adoption by the board of trustees, mortality, service, and other tables needed in the operation of the retirement system. Taking into account the results of such investigations, the board of trustees from time to time shall adopt for the retirement system such mortality, service, and other tables as it shall deem necessary for use in all calculations required in connection with this retirement system. The board of trustees shall also determine from time to time the rates of regular interest for use in all calculations required in connection with the retirement system, limited to a minimum of 2 percent.
  3. On the basis of regular interest and the tables last adopted by the board of trustees, the actuary shall make annual valuations of the contingent assets and liabilities of the retirement system.

(Ga. L. 1943, p. 640, § 6; Ga. L. 1971, p. 413, § 1; Ga. L. 1975, p. 1637, § 4; Ga. L. 1978, p. 1441, § 1; Ga. L. 1982, p. 3, § 47; Ga. L. 1982, p. 978, §§ 1, 2; Ga. L. 2010, p. 1207, § 65/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "adviser" for "advisor" in the middle of subsection (a).

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."

OPINIONS OF THE ATTORNEY GENERAL

Trustees may establish different interest rates for actuarial calculations.

- Reading Ga. L. 1975, p. 1637, § 4 (see O.C.G.A. § 47-3-23) in context with Ga. L. 1943, p. 640 et seq. (see O.C.G.A. Ch. 3, T. 47), the board of trustees may establish different rates of regular interest for use in connection with different mathematical calculations made by the retirement system. 1977 Op. Att'y Gen. No. 77-74.

RESEARCH REFERENCES

Am. Jur. 2d.

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

C.J.S.

- 67 C.J.S., Officers and Public Employees, § 313. 78 C.J.S., Schools and School Districts, § 485.

JUDICIAL DECISIONS

Use of mortality tables in determining actuarial equivalence.

- Although under O.C.G.A. § 47-3-23(b), the Board of Trustees of the Teachers Retirement System of Georgia adopted new mortality tables every four years, the retirees' optional-plan benefits were erroneously calculated using option factors based upon a mortality table and interest rate adopted in 1983; in determining actuarial equivalence between the optional-plan benefits and the maximum-plan benefits as required under O.C.G.A. § 47-3-121(a), O.C.G.A. §§ 47-3-1(2) and47-3-23(b) required that the most recent mortality tables be used for such purposes. Plymel v. Teachers Ret. Sys., 281 Ga. 409, 637 S.E.2d 379 (2006).

Cases Citing O.C.G.A. § 47-3-23

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Plymel v. Teachers Ret. Sys., 637 S.E.2d 379 (Ga. 2006).

Cited 10 times | Published | Supreme Court of Georgia | Oct 30, 2006 | 281 Ga. 409, 2006 Fulton County D. Rep. 3290

...must be reduced to their present value using the same interest rate *381 and mortality table. As the foregoing illustrates, to determine actuarial equivalence, one needs to know the "mortality tables last adopted by the board of trustees." [4] OCGA § 47-3-23(b) is relevant to that inquiry....
...Taking into account the results of such investigations, the board of trustees from time to time shall adopt for the retirement system such mortality, service, and other tables as it shall deem necessary for use in all calculations required in connection with this retirement system. Pursuant to OCGA § 47-3-23(b), the TRS's principal actuary conducted a review of the retirement system in 1982, 1986, 1992, 1996, and 2000, and the board of trustees adopted new mortality tables in those years based on the actuary's recommendation....
...uld have chosen, and that this discrepancy constituted a breach of contract. More specifically, the appellants contended that the TRS should have calculated their optional-plan benefits based on mortality tables last adopted by the board pursuant to § 47-3-23(b); that, instead, the TRS calculated their benefits under an unknown mortality table used to create the 1983 option factors; and that the failure to use the more current mortality tables resulted in their optional-plan allowances not being actuarially equivalent to the maximum-plan allowances they could have chosen....
...As previously noted, one is OCGA § 47-3-121(a), which required the appellants' optional-plan allowances to be actuarially equivalent to the maximum-plan allowances they could have chosen. The parties' chief *382 dispute, however, concerns the interplay between § 47-3-1(2) and § 47-3-23(b)....
...The appellants, one of whom retired in 1995 and one of whom retired in 2002, put in evidence from their actuarial expert that their optional-plan benefits were not actuarially equivalent to their maximum-plan benefits using the mortality tables adopted in 1992 and 2000, respectively, under § 47-3-23(b)....
...0 were adopted only for the purpose of determining the valuation of the TRS system and not for the purpose of calculating actuarial equivalence. More specifically, the board contends that the use of the word "operation" in the first sentence of OCGA § 47-3-23(b) [8] equates to "valuation" of the retirement system, and that the first sentence of § 47-3-23(b) authorized the board to adopt "tables needed in the [valuation] of the retirement system." [9] The board further contends that the use of the word "calculation" in the second sentence equates to a separate "calculation" or "administration" aspect of the retirement system, and that the second sentence of § 47-3-23(b) grants it the authority, "from time to time," to adopt mortality tables for use in calculations of the retirement system....
...ted by the board for "calculation" purposes; and that the 1983 option factors produced an optional benefit for the appellants that is actuarially equivalent to the maximum plan benefit they could have chosen. We disagree with the board's analysis of § 47-3-23(b)....
...Generally, the use of plain language in a statute obviates the need for judicial construction, [10] and this Court is not required to follow an agency's interpretation of a statute, if, based on our own independent determination, it does not follow the plain language of the statute. [11] Here, the first sentence of OCGA § 47-3-23(b) sets forth the duties of the actuary for the TRS, not the duties of the board of trustees. It requires the actuary to investigate the system at least every five years and to recommend new mortality tables to the board of trustees. The second sentence of OCGA § 47-3-23(b) sets forth the duties of the board of trustees of the TRS....
...ance with one of the optional forms named below." [4] OCGA § 47-3-1(2). [5] Arneson v. Board of Trustees, 257 Ga. 579, 582, 361 S.E.2d 805 (1987), quoting Withers v. Register, 246 Ga. 158, 159, 269 S.E.2d 431 (1980). [6] OCGA § 47-3-1(2). [7] OCGA § 47-3-23(b). [8] OCGA § 47-3-23(b) provides as follows: (b) From time to time, but at least once in every five-year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the...
...Taking into account the results of such investigations, the board of trustees from time to time shall adopt for the retirement system such mortality, service, and other tables as it shall deem necessary for use in all calculations required in connection with this retirement system. [9] OCGA § 47-3-23(b)....