Georgia § 30-9-10 - Comprehensive investment plan.

§ 30-9-10. Comprehensive investment plan.

The board shall have authority to establish a comprehensive investment plan for the purposes of this chapter and to invest any funds of the trust fund through the state treasurer. The state treasurer shall invest the trust fund moneys pursuant to an investment policy adopted by the board. Notwithstanding any state law to the contrary, the board, through the state treasurer, shall invest or cause to be invested amounts on deposit in the trust fund, including the program account, in a manner reasonable and appropriate to achieve the objectives of the corporation, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The board shall give due consideration to the risk of, expected rate of return of, term or maturity of, diversification of total investments of, liquidity of, and anticipated investments in and withdrawals from the trust fund. The board may employ or contract with financial organizations, investment managers, evaluation services, or other such entities as determined by the board to be necessary for the effective and efficient investment, administration, and operation of the program. The board shall establish criteria for financial organizations, investment managers, evaluation services, or other such entities that act as contractors or consultants to the board. The board may contract, either directly or through such contractors or consultants, to provide such services as may be a part of the comprehensive investment plan or as may be deemed necessary or proper by the board, including without limitation providing consolidated billing, individual and collective record keeping and accounting, and asset purchase, control, and safekeeping. All contractors and consultants shall be selected by competitive solicitation, unless otherwise directed by the board. All investments shall be marked clearly to indicate ownership by the corporation and, to the extent possible, shall be registered in the name of the corporation. Subject to the terms, conditions, limitations, and restrictions set forth in this Code section, the board may sell, assign, transfer, and dispose of any of the securities and investments of the corporation if the sale, assignment, or transfer has the majority approval of the entire board. Members and employees of the board shall be subject to the provisions of Chapter 10 of Title 45, relating to codes of ethics and conflicts of interest. No account contributor or beneficiary shall directly or indirectly direct the investment of any account funds except as may be permitted under Section 529A of the Internal Revenue Code or other applicable federal laws. The board may approve different investment plans and options to be offered to participants to the extent permitted under Section 529A of the Internal Revenue Code or other applicable federal laws and consistent with the objectives of this chapter, and the board may require the assistance of investment counseling before participation in different options. (Code 1981, § 30-9-10 , enacted by Ga. L. 2016, p. 588, § 1/HB 768.)