TITLE 47 RETIREMENT AND PENSIONS

Section 5. Georgia Municipal Employees Benefit System, 47-5-1 through 47-5-72.

ARTICLE 2 ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM

47-5-27. Payment of administrative expenses of the board of trustees; allocation of expenses among member municipalities.

The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by it and may be chargeable by it to either principal or income or both, as determined by it, as of any valuation date. Further, the board of trustees shall have the authority to allocate expenses among member municipalities on the basis of costs. Administrative expenses for the first year of operation may be assessed against first year contributions in proportion to the number of participating employees.

(Ga. L. 1965, p. 421, § 23; Ga. L. 1966, p. 539, § 7.)