Georgia § 47-6-42 - State contributions.

§ 47-6-42. State contributions.

After April 13, 1979, the contributions of the state under this Code section to this system shall be determined by the board each year on the basis of the most recent actuarial valuation. The board shall certify to the legislative fiscal officer the amount of the state's contributions due to the system. The state's contributions shall be paid from funds appropriated to the legislative branch of government and shall be in an amount determined by the board to be necessary to cover the costs of financing and administering the system. The legislative fiscal officer is directed to pay to the board the contributions of the state together with an amount necessary to cover the required employer contributions for social security coverage. (Ga. L. 1979, p. 931, § 3; Ga. L. 1980, p. 611, §§ 7, 8; Ga. L. 1984, p. 758, § 2; Ga. L. 1988, p. 1476, § 1; Ga. L. 1989, p. 52, § 1; Ga. L. 2005, p. 535, § 19/HB 460; Ga. L. 2010, p. 1207, § 53/SB 436.) The 2010 amendment, effective July 1, 2010, deleted former subsections (a) and (b); deleted the subsection (c) designation; and deleted former subsections (d) and (e). Editor's notes. - Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."