Georgia Code
Article 1 - In General
§ 47-1-16. Public Retirement Systems Prohibited From Having Insurable Interest in Members; Prohibition on Expending or Obligating Funds for Purchase of Life Insurance on Members; Exception

No public retirement system in this state shall have an insurable interest in active or retired members of such retirement system. No public retirement system shall have the authority to expend or obligate funds under the control of such retirement system to purchase life insurance on its members except where all benefits are paid to a member’s estate or to a beneficiary designated by the individual member.
History. Code 1981, § 47-1-16 , enacted by Ga. L. 2012, p. 673, § 1/HB 297.
Effective date. —
This Code section became effective May 1, 2012.

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Structure Georgia Code

Georgia Code

Title 47 - Retirement and Pensions

Chapter 1 - General Provisions

Article 1 - In General

§ 47-1-1. Intent of Codification and Enactment of This Title

§ 47-1-2. Pooling of Funds by Retirement Systems for Investment Purposes; Accounting Practices With Regard to Pooled Funds

§ 47-1-3. Power of a Local Retirement System to Hire an Actuary; Payment of the Administrative Costs of a Local Retirement System; Periodic Actuarial Investigations; Annual Financial Report

§ 47-1-4. Report of the State Auditor on the Condition of Local Retirement Systems

§ 47-1-5. Duty of Governing Authorities to Make and File Actuarial Investigations and to File Financial Reports; Withholding of State Funds for Failure to Meet This Duty