Georgia Code, Title 47, Chapter 5, Article 2 - Administration and Management of the Assets of the Benefit System

• § 47-5-20 - Creation of Board of Trustees
  There is created a public corporation of this state to be known as "The Board of Trustees of the Georgia Municipal Employees Benefit System...
• § 47-5-21 - Membership of Board
  (a) The board of trustees shall consist of 15 members. To be eligible for membership on the board of trustees, a person must be...
• § 47-5-22 - Officers of the Board of Trustees; Election; Merger of Offices of Secretary and Treasurer; Compensation of the Secretary and Treasurer; Treasurer's Performance Bond
  At its first meeting following July 1 in each year, the board of trustees shall elect a chairman, secretary, treasurer, and such other officers...
• § 47-5-23 - Powers of the Board of Trustees Generally
  The board of trustees shall have the following specific powers, together with such other powers as may be necessary or incidental to such powers...
• § 47-5-24 - Powers of Board With Regard to Funds Held by It
  (a) The board of trustees is authorized to invest and reinvest funds held by it in any investments which are legal investments under Article...
• § 47-5-25 - Valuation of Assets of the Retirement System
  The board of trustees shall prescribe in its bylaws the method of valuation of assets, which method shall be in accordance with acceptable accounting...
• § 47-5-26 - Duty of Board of Trustees to File an Annual Financial Report With Each Member Employer; Filing of Objections to Transactions Shown in Such Report
  The board of trustees shall file with each member employer an annual written report showing pertinent transactions affecting its respective retirement fund account, workers'...
• § 47-5-27 - Payment of Administrative Expenses of the Board of Trustees; Allocation of Expenses Among Member Municipalities
  The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by...
• § 47-5-28 - Accounts for Participating Employees, Member Employers, and As Otherwise Required; Authorization of Funds; Commingling Restriction
  (a) The board of trustees shall administer the retirement fund and shall maintain records as follows: (1) The board of trustees shall maintain individual...
• § 47-5-29 - Periodic 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
  (a) The board of trustees shall determine the principal and income of the retirement fund, workers' compensation fund, employee benefit fund, and other funds...
• § 47-5-30 - Periodic 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
  (a) At least once every 12 months an audit shall be made of the retirement fund, workers' compensation fund, employee benefit fund, and other...

Last modified: October 14, 2016