As used in this chapter, the term:
(19.1) “Negative unfunded actuarial accrued liability” means for any actuarial valuation the excess of actuarial value of assets over the actuarial accrued liability of a retirement system under an actuarial cost method utilized by the retirement system for funding purposes.
(20.1) “Normal cost contribution” means the contribution for the portion of the actuarial present value of a retirement system’s benefits and expenses which is allocated to a valuation year by the actuarial cost method used for the retirement system.
(24.1) “Unfunded accrued liability contribution” means the difference between the total employer and employee contribution and the normal cost contribution.
History. Code 1981, § 47-20-3 , enacted by Ga. L. 1983, p. 1368, § 1; Ga. L. 1985, p. 209, § 1; Ga. L. 1987, p. 240, § 1; Ga. L. 2000, p. 131, § 1; Ga. L. 2000, p. 1208, § 1; Ga. L. 2001, p. 21, § 1; Ga. L. 2005, p. 535, §§ 22-26/HB 460; Ga. L. 2014, p. 198, § 1/HB 761.
The 2014 amendment, effective July 1, 2014, substituted “as in effect on June 15, 2013” for “or any subsequent applicable Governmental Accounting Standards Board statements” at the end of paragraph (10).
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1986, in the second sentence of paragraph (23) a comma was inserted following “emeritus.”
U.S. Code.
Subtitle C of Title III of the federal Employee Retirement Income Security Act of 1974, referred to in paragraph (9), is codified at 29 U.S.C. §§ 1241, 1242.