Official Code of Georgia Annotated

Title 47. RETIREMENT AND PENSIONS · Chapter 1. GENERAL PROVISIONS · Article 6. CONFORMITY WITH FEDERAL LAW

47-1-85. Assets of public retirement or pension system to be held in trust.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
The assets of a public retirement or pension system shall be held in trust, and it shall not be possible at the time prior to satisfaction of all liabilities to plan members and their beneficiaries under the public retirement or pension system for any part of said assets to be used for, or diverted to, purposes other than for the exclusive benefit of plan members and their designated beneficiaries and for paying reasonable expenses of the public retirement or pension system and trust fund.#
(b)
The board of trustees of a public retirement or pension system shall not engage in a transaction prohibited by Section 503(b) of the federal Internal Revenue Code.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 47-1-85, enacted by Ga. L. 2009, p. 947, § 8/HB 202.

Effective date

This Code section became effective May 11, 2009.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t47-(v35)-2010-pdf.pdf, Volume V35, 2010 edition, page 43; merge action: carried; file SHA-256 670b44b1738a.

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