O.C.G.A.

O.C.G.A. § 47-3-45 (2019)

Obligations of the pension accumulation fund; permissible uses of the assets of the pension accumulation fund and of income, interest, and dividends

✓ 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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The maintenance of annuity reserves and pension reserves of the retirement system, the crediting of regular interest to the annuity savings fund, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be obligations of the pension accumulation fund, provided that the payments of such other benefit do not adversely affect the qualified status of the retirement system under Section 401(a) of the federal Internal Revenue Code. All assets of the pension accumulation fund and all income, interest, and dividends derived from deposits and investments shall be used for the payment of such obligations and for no other purpose.

History

(Ga. L. 1943, p. 640, § 12; Ga. L. 1962, p. 723, § 10; Ga. L. 2005, p. 535, § 14/HB 460; Ga. L. 2006, p. 93, § 1/SB 466.)

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1169 et seq. C.J.S. - 67 C.J.S., Officers and Public

Employees, § 313. 78 C.J.S., Schools and School Districts, §§ 486, 733.