O.C.G.A.

O.C.G.A. § 47-6-24 (2019)

Members’ account; accumulation account; crediting of 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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(a) All of the assets of the system shall be credited, according to the purpose for which they are held, to either the members’ account or the accumulation account. The benefits under this chapter and all administrative expenses shall be paid from such accounts.

(b) The members’ account shall be the account in which the contributions made by members and regular interest credited on such amounts shall be held.

(c) The accumulation account shall be the account in which all reserves for the payment of the part of all retirement allowances and other benefits payable from contributions made by the state shall be held and from which all retirement allowances payable under the system and the administrative expenses shall be paid. All interest and dividends earned on the funds of the system shall be credited to the accumulation account.

History

(Ga. L. 1967, p. 259, § 17; Ga. L. 2005, p. 535, § 18/HB 460.)

Annotations

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

C.J.S. - 70 C.J.S., Pensions, § 10 et seq.