§ 154-214. Records and reports of board of trustees.

The board of trustees shall keep full records of the administration of the trust, which shall record the receipts and disbursements and all transactions of the trustees. Such accounts and records shall be open to inspection at any time during regular business hours by any person designated by the employer. The board of trustees shall be responsible for having the actuary prepare an actuarial investigation and report of the plan and trust not less frequently than every three years. In addition, the board of trustees will prepare or have prepared a financial report of the trust fund not less frequently than every three years. Such actuarial and financial reports shall be prepared in accordance with O.C.G.A. § 47-1-3 and shall be filed with the state auditor every three years. The employer shall have the right to make or have made an audit of the board of trustees' accounts, including verification of the securities and assets therein, and for that purpose the board of trustees shall make all related records available. Such audit or audits may be made as often as desired.

(91-RC-669, § 8.4, 12-18-91)