Georgia House of Representatives - 1995/1996 Sessions

HB 172 - Regents retirement plan; invest in mutual funds

Page Numbers - 1

1. McBee  88th            2. Scoggins  24th          3. Heard  89th
4. Stancil  91st          5. Cummings  27th


House Comm: Ret        /                Senate Comm: Ret        /                                   
House Vote: Yeas 163   Nays 0           Senate Vote: Yeas     Nays                                  
              ----------------------------------------                                              
               House          Action         Senate                                                 
              ----------------------------------------                                              
              1/12/95  Read 1st Time         1/26/95                                                
              1/13/95  Read 2nd Time                                                                
              1/23/95  Favorably Reported                                                           
              1/25/95  Read 3rd Time                                                                
              1/25/95  Passed/Adopted                                                               
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Code Sections amended: 47-21-3                                                                      


HB 172                                            LC 21 2954






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Code Section 47-21-3 of the Official Code of
  1- 2  Georgia Annotated, relating to the establishment and
  1- 3  administration of an optional retirement plan for certain
  1- 4  employees of the University System of Georgia, so as to
  1- 5  provide that the board of trustees of such plan shall be
  1- 6  authorized to purchase shares in one or more mutual funds;
  1- 7  to repeal conflicting laws; and for other purposes.

                         SECTION 1.

  1- 8  Code Section 47-21-3 of the Official Code of Georgia
  1- 9  Annotated, relating to the establishment and administration
  1-10  of an optional retirement plan for certain employees of the
  1-11  University System of Georgia, is amended by striking in its
  1-12  entirety subsection (a) and inserting in lieu thereof the
  1-13  following:

  1-14    "(a) The board of regents is authorized to establish an
  1-15    optional retirement plan under which it may purchase
  1-16    annuity contracts, either fixed or variable, or a
  1-17    combination thereof, or shares in one or more mutual funds
  1-18    providing retirement and death benefits which shall become
  1-19    the property of participating employees of the University
  1-20    System of Georgia."

                         SECTION 2.

  1-21  All laws and parts of laws in conflict with this Act are
  1-22  repealed.













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