Author: U S Government Accountability Office (G

Publisher: BiblioGov

Published: 2013-07-01

Total Pages: 48

ISBN-13: 9781289149048

The second in a series of seven case studies was performed of the Employees' Retirement System of Georgia and the Atlanta General Employees' Pension Plan. The Georgia plan is the second largest of five employee-administered state retirement plans with about 48,300 members and assets of about $355 million. The Atlanta plan is the largest of three plans for city employees with about 14,400 members and assets of $71 million. The Georgia plan is financed and managed by an independent board of trustees which has power to invest retirement assets within the conditions of State laws and accepted investment principles. Controls have been devised for insuring proper investment procedures. Disclosure statements will be developed and auditing is performed by outside accounts. In the Atlanta plan, a board of trustees is responsible for plan operations; it is administered by the city's Commissioner of Finance; and the city's investment officer manages its investments. Investment options are limited by law. Evaluation guidelines are being developed, and annual audits are performed by independent firms.