---
title: O.C.G.A. § 47-21-3. Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased.
collection: code
id: 47-21-3
cite_as: O.C.G.A. § 47-21-3 (2025)
canonical_url: https://georgiacommons.org/code/47-21-3
md_url: https://georgiacommons.org/code/47-21-3.md
text_url: https://georgiacommons.org/code/47-21-3/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t47-(v35)-2010-pdf.pdf?sfvrsn=7d4bbd90_0#page=679
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: RETIREMENT AND PENSIONS / REGENTS RETIREMENT PLAN / GENERAL PROVISIONS
---

# O.C.G.A. § 47-21-3. Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased.

(a) The board of regents is authorized to establish an optional retirement plan under which it may purchase annuity contracts, either fixed or variable or a combination thereof, or shares in one or more mutual funds providing retirement and death benefits which shall become the property of participating employees of the University System of Georgia.

(b) The board of regents shall provide for the administration and maintenance of the optional retirement plan authorized by this chapter.

(c) The board of regents shall designate at least two but no more than five companies from which contracts will be purchased. In making this designation, the board of regents shall consider the following:

(1) The nature and extent of the rights and benefits to be provided by the contracts for participating employees and their beneficiaries;

(2) The relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of this chapter;

(3) The suitability of the rights and benefits to the needs and interests of participating employees and the University System of Georgia;

(4) The ability of the designated companies to provide the rights and benefits under such contracts; and

(5) The efficacy of the contracts in the recruitment and retention of faculty and principal administrators.

## History

Code 1981, § 47-21-3, enacted by Ga. L. 1990, p. 1811, § 2; Ga. L. 1995, p. 334, § 2.