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Official Code of Georgia Annotated

Title 47. RETIREMENT AND PENSIONS · Chapter 6. GEORGIA LEGISLATIVE RETIREMENT SYSTEM · Article 2. CREATION, ADMINISTRATION, AND MANAGEMENT OF THE ASSETS OF THE RETIREMENT SYSTEM

47-6-24. Members’ account; accumulation account; crediting of interest and dividends.

Active

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

  1. (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.#

  2. (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.#

  3. (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.#

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

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

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, pages 402 to 403; merge action: carried; file SHA-256 670b44b1738a.