Fund Management

Next Scheduled Board Meeting:, August 21, 2017- 10:00 a.m.-Retirement Fund Office, 1208 Greenbelt Drive,Griffin, GA 300224.


The Fund is managed by a Board of Commissioners composed of:  the Governor or the Governor's designee; an appointee of the Governor who is not the Attorney General; and five Chief Magistrates who are members of the Fund.


There is also created the office of Secretary-Treasurer.   The Secretary-Treasurer shall be elected and appointed by the Board and shall serve at the pleasure of the Board.


Georgia law delineates the powers and duties of the Board.  OCGA §47-25-22.  The Board is granted the powers and duties: to provide for the collection of all monies; to pay the administrative expenses of the Board; to hear and decide all applications for retirement benefits under this chapter; to make payment of all retirement benefits that may be determined to be due; and to make all necessary rules and regulations not inconsistent with the laws of the state, for its government and for the government of the employees of the Board.  Moreover, the Board is granted the powers and duties: to determine and fix rules of eligibilty of persons to receive retirement benefits; to make refunds and repayments to persons who may be entitled to receive them; and to keep all records of its meetings.


The Board has the authority to provide for increases in the maximum monthly retirement benefits.


The Board shall have the control of all funds and has the full power to invest and reinvest such funds, subject to Georgia law.  The Board is authorized to employ agents to make recommendations for investments and make investments for the Board. Presently, the Board works with the BMO Global Asset Management Company for the management and recommendations for management of the Fund.


 


* * * G A S B  * * * * * *  G A S B * * * * * * G A S B  * * * * * * G A S B * * * * * 


GASB Reports are now available - please open attachment below.


The report is for 2015.  There are 3 major components of the report:


1. Schedule of Employer Allocations:  This schedule lists each law enforcement agency, their number of members, and the allocation percentage.  Some local governments will have more than one law enforcement agency.


2. Schedule of Pension Amounts by Employer:  For each law enforcement agency, this schedule lists the total pension expense that should be included on the applicable government’s financial statements.  An offsetting revenue should also be recorded.  In addition, the net pension asset that would be disclosed in the notes to the government’s financial statements is shown. (page 9 of report)


3. Notes to the Schedules:  Other information that the local governments would need for their note disclosures are included here.


Please note that these are draft schedules.  We have not completed testing of the employer allocations.  While we do not expect any significant changes, that possibility does exist.  Therefore, there is no auditor’s opinion included with the drafts.


* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *