O.C.G.A.
O.C.G.A. § 47-3-44 (2019)
Crediting to pension accumulation fund; annual transfer from pension accumulation fund to provide regular interest
✓ 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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All interest and dividends earned on the funds of the retirement system shall be credited to the pension accumulation fund. Once each year the board of trustees shall transfer from the pension accumulation fund to the annuity savings fund such amounts as are sufficient to allow regular interest on the balances of the individual accounts of members in the annuity savings fund.
History
(Ga. L. 1943, p. 640, § 8; Ga. L. 1962, p. 723, §§ 5, 8.)
Notes of Decisions
Cited in 1
case, 2009–2009 · leading case: Teachers Ret. Sys. of Ga. v. Plymel, 676 S.E.2d 234 (Ga. Ct. App. 2009).
Teachers Ret. Sys. of Ga. v. Plymel, 676 S.E.2d 234 (Ga. Ct. App. 2009). “Member accounts must be credited with interest once a year (OCGA § 47-3-44), and the 4.5 percent set in the administrative rule applies to this interest paid from one fund to the other.”
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