Title 47, Chapter 3, Section 48
( 47-3-48)
Thirty days prior to the time the State Board of Education fixes the
minimum schedule of teachers' salaries for the ensuing year, the
normal and accrued contribution rates, as determined on the basis of
the last annual actuarial valuation, shall be certified by the board
of trustees to each employer having members in its employ. Each
such employer other than the state shall include in its budget filed
with the State School Superintendent amounts equal to the
prospective contributions on account of contributing members in its
employ for the ensuing year. The Board of Regents of the University
System of Georgia in its estimates of the funds necessary for the
operation of its respective units, which estimates are submitted to
the Governor and General Assembly, shall include a request for an
appropriation payable to the board of trustees in an amount equal to
the portion of the normal and accrued liability contributions
payable from funds of the Board of Regents of the University System
of Georgia or from other state funds and for an additional amount as
expense for the operation of the retirement system. The General
Assembly shall make appropriations to the board of trustees
sufficient to provide for such contributions as a part of the
earnable compensation of members payable from such funds and for the
necessary expenses of carrying out this chapter. |