Georgia Commons

Title 47. RETIREMENT AND PENSIONS

Chapter 5. GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM

24 sections · 47-5-1 to 47-5-72

Article 1. GENERAL PROVISIONS

  1. 47-5-1Legislative intent; construction of this chapter.
  2. 47-5-2Definitions.

Article 2. ADMINISTRATION AND MANAGEMENT OF THE ASSETS OF THE BENEFIT SYSTEM

  1. 47-5-20Creation of board of trustees.
  2. 47-5-21Membership of board.
  3. 47-5-22Officers of the board of trustees; election; merger of offices of secretary and treasurer; compensation of the secretary and treasurer; treasurer’s performance bond.
  4. 47-5-23Powers of the board of trustees generally.
  5. 47-5-24Powers of board with regard to funds held by it.
  6. 47-5-25Valuation of assets of the retirement system.
  7. 47-5-26Duty of board of trustees to file an annual financial report with each member employer; filing of objections to transactions shown in such report.
  8. 47-5-27Payment of administrative expenses of the board of trustees; allocation of expenses among member municipalities.
  9. 47-5-28Accounts for participating employees, member employers, and as otherwise required; authorization of funds; commingling restriction.
  10. 47-5-29Periodic determination of principal and income of the funds; periodic merger of principal and income; method for determination of principal value of each unit of funds.
  11. 47-5-30Periodic audit of the accounts of the board of trustees; contents and availability of report of such audit; standard of care in conduct of the audit and liability of auditors.

Article 3. RETIREMENT PLANS

  1. 47-5-40Power of employers to establish retirement plans; benefits under such plans; power to implement such plans by contract; financing of such plans.
  2. 47-5-41Establishment and use of master plans.
  3. 47-5-42Provisions of contracts and plans.
  4. 47-5-43Provisions for early and normal retirement ages.
  5. 47-5-44Credit for prior service.
  6. 47-5-45Uninterrupted participation during transfer from one member municipality to another.
  7. 47-5-46Transfer of credits.
  8. 47-5-47Return of contributions to employee or employee’s estate.

Article 4. MISCELLANEOUS PROVISIONS

  1. 47-5-70Creation of debts of the state under this chapter.
  2. 47-5-71Exemption from levy, attachment, or other process of funds held by the board of trustees or for its account; assignment of benefits or contracts established under this chapter.
  3. 47-5-72Exemption of chapter from regulation under Title 33.