The Board of Commissioners of the Judges of the Probate Courts Retirement Fund of Georgia consists of seven members as follows:
- The Governor or the Governor's designee;
- An appointee of the Governor who is not the Attorney General;
- Four judges of the probate courts who are members of the fund; and
- One appointee of the Governor who is a member of the fund and a retired judge of the probate court.
Per 2006 Georgia Code - 47-11-20, the Secretary-Treasurer of the Fund is elected and appointed by the Board and serves at the pleasure of the Board.
Georgia law grants the powers and duties to the Board: to provide for the collection of all monies; to pay the administrative expenses of the Board; to hear and decide all applications for retirement benefits under this chapter; to make payment of all retirement benefits that may be determined to be due; and to make all necessary rules and regulations not inconsistent with the laws of the state, for its government and for the government of the employees of the Board. Moreover, the Board is granted the powers and duties: to determine and fix rules of eligibility of persons to receive retirement benefits; to make refunds and repayments to persons who may be entitled to receive them; and to keep all records of its meetings.
The Board has the authority to provide for increases in the maximum monthly retirement benefits.
The Board shall have the control of all funds and has the full power to invest and reinvest such funds, subject to Georgia law. The Board is authorized to employ agents to make recommendations for investments and make investments for the Board.