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O.C.G.A. § 47-3-40 — Funds in which assets of the retirement system are to be held | Georgia Code

O.C.G.A. § 47-3-40 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 47 RETIREMENT AND PENSIONS

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

ARTICLE 3 EMPLOYEE AND EMPLOYER CONTRIBUTIONS; CREATION OF FUNDS FOR CONTRIBUTIONS, BENEFITS, AND ADMINISTRATIVE EXPENSES

47-3-40. Funds in which assets of the retirement system are to be held.

All of the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, to be known as the "annuity savings fund," the "pension accumulation fund," and the "expense fund."

(Ga. L. 1943, p. 640, § 8; Ga. L. 1962, p. 723, § 1.)

OPINIONS OF THE ATTORNEY GENERAL

County and state contribute to teacher retirement fund of dual agent.

- If the county pays any part of the county agent's salary, even though the agent is assigned to the county by the agricultural (cooperative) extension service of the university, the county agent would be the employee of the university system and of the county, and, under the terms of Ga. L. 1943, p. 640 (see O.C.G.A. Ch. 3, T. 47), the university system and the county would both be required to contribute to the reserve fund from which teacher retirement benefits are paid. 1948-49 Op. Att'y Gen. p. 528.

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This Georgia Code resource is curated by the attorney maintaining this site, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.