Georgia § 47-2-55 - Pension accumulation fund; purposes; employer contributions; crediting of interest and dividends earned on funds of the retirement system.
Full text of Georgia Official Code of Georgia Annotated § 47-2-55 — Pension accumulation fund; purposes; employer contributions; crediting of interest and dividends earned on funds of the retirement system., with citation guidance and answers to common questions.
§ 47-2-55. Pension accumulation fund; purposes; employer contributions; crediting of interest and dividends earned on funds of the retirement system.
The pension accumulation fund shall be the fund in which shall be held the reserves for all annuities in force and from which shall be paid all annuities and all benefits in lieu of annuities under this chapter. If a beneficiary is restored to membership, his or her annuity reserve shall be transferred from the pension accumulation fund to his or her individual account in the annuity savings fund. The pension accumulation fund shall also be the fund in which are accumulated all reserves for the payment of all pensions and other benefits payable from contributions made by employers and from which are paid all such pensions and other benefits. Employer contributions shall consist of a percentage of the earnable compensation of members, to be known as the "normal cost contribution," and an additional percentage of such earnable compensation, to be known as the "unfunded accrued liability contribution." These contributions shall be borne by appropriations from state and federal funds. The percentage rate of each portion of the employer contribution shall be fixed on the basis of the liabilities of the retirement system, as shown by actuarial valuation, as provided for in subsection (b) of Code Section 47-2-26, subject to the provisions of Code Section 47-20-10. All interest and dividends earned on the funds of the retirement system shall be credited to the pension accumulation fund. Once each year the board of trustees shall transfer from the pension accumulation fund to the annuity savings fund such amounts as are sufficient to allow regular interest on the balances of the individual accounts of members in the annuity savings fund. (Ga. L. 1949, p. 138, § 8; Ga. L. 1964, p. 119, § 2; Ga. L. 1973, p. 900, §§ 5, 6, 7, 10; Ga. L. 2005, p. 535, § 7/HB 460; Ga. L. 2006, p. 93, § 1/SB 466.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 47-2-55
What does Official Code of Georgia Annotated § 47-2-55 cover?
Section 47-2-55 ("Pension accumulation fund; purposes; employer contributions; crediting of interest and dividends earned on funds of the retirement system.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 47-2-55?
A common citation format is "Official Code of Georgia Annotated § 47-2-55" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 47-2-55 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.