Georgia § 47-21-3 - Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased.
Full text of Georgia Official Code of Georgia Annotated § 47-21-3 — Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased., with citation guidance and answers to common questions.
§ 47-21-3. Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased.
The board of regents is authorized to establish an optional retirement plan under which it may purchase annuity contracts, either fixed or variable or a combination thereof, or shares in one or more mutual funds providing retirement and death benefits which shall become the property of participating employees of the University System of Georgia. The board of regents shall provide for the administration and maintenance of the optional retirement plan authorized by this chapter. The board of regents shall designate at least two but no more than five companies from which contracts will be purchased. In making this designation, the board of regents shall consider the following: The nature and extent of the rights and benefits to be provided by the contracts for participating employees and their beneficiaries; The relation of the rights and benefits to the amount of the contributions to be made pursuant to the provisions of this chapter; The suitability of the rights and benefits to the needs and interests of participating employees and the University System of Georgia; The ability of the designated companies to provide the rights and benefits under such contracts; and The efficacy of the contracts in the recruitment and retention of faculty and principal administrators. (Code 1981, § 47-21-3 , enacted by Ga. L. 1990, p. 1811, § 2; Ga. L. 1995, p. 334, § 2.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 47-21-3
What does Official Code of Georgia Annotated § 47-21-3 cover?
Section 47-21-3 ("Establishment and administration of optional retirement plan; designation of companies from which contracts will be purchased.") 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 § 47-21-3?
A common citation format is "Official Code of Georgia Annotated § 47-21-3" (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 § 47-21-3 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.