The Fund is managed by a Board of Commissioners composed of:

  1. the Governor or the Governor's designee;
  2. an appointee of the Governor who is not the Attorney General;
  3. 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. 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 eligibility 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.

OCGA §47-25-22