Annual compensation limits in determining benefits or contributions due

(a) As used in this Code section, the term: (1) ‘‘Annual compensation’’ means compensation during the determination period. Such term shall include any cost-of-living adjustment in effect for a calendar year if the determination period begins with or within such calendar year. (2) ‘‘Determination period’’ means the plan year or such other consecutive 12 month period over which compensation is otherwise determined under the public retirement or pension system. (b) The annual compensation of a plan member during any plan year beginning on or after January 1, 2002, which exceeds $200,000.00, as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the federal Internal Revenue Code, shall not be taken into account in determining benefits or contributions due from the public retirement or pension system for any plan year. If the determination period consists of fewer than 12 months, the annual compensation limit shall be an amount equal to the otherwise applicable annual compensation limit multiplied by a fraction, the numerator of which is the number of months in the short determination period and the denominator of which is 12. If the compensation for any prior determination period is taken into account in determining a plan member’s contributions or benefits for the current plan year, the compensation for such prior determination period shall be 19 47-1-13.1 RETIREMENT AND PENSIONS 47-1-14 subject to the applicable annual compensation limit in effect for the prior period. (c) The annual compensation of a plan member during any plan year beginning on and after January 1, 1996, and before January 1, 2002, which exceeds $150,000.00, as indexed as provided in Section 401(a)(17)(B) of the federal Internal Revenue Code, shall be disregarded for purposes of computing contributions to or benefits due from the public retirement or pension system. (Code 1981, § 47-1-13.1, enacted by Ga. L. 2009, p. 947, § 3/HB 202; Ga. L. 2010, p. 1207, § 64/SB 436.) the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010.’’ Ga. L. 2010, p. 1207, § 67, not codified by the General Assembly, provides that: ‘‘In the event of an irreconcilable conflict between a provision of Sections 62 through 64 of this Act and a provision of another Act enacted at the 2010 regular session of the General Assembly, the provision of such other Act shall control over this Act to the extent of the conflict.’’ Effective date. — This Code section became effective May 11, 2009. The 2010 amendment, effective July 1, 2010, substituted ‘‘section, the’’ for ‘‘section the’’ in the introductory paragraph of subsection (a) and substituted ‘‘cost-of-living’’ for ‘‘cost of living’’ in the second sentence of paragraph (a)(1). Editor’s notes. — Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: ‘‘The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and 47-1-14. ‘‘Retirement system’’ defined; records exempt from public inspection. (a) As used in this Code section, the term ‘‘retirement system’’ means any public retirement system created by this title. Such term also means any association of like political subdivisions the purpose of which is the pooling of funds for retirement or pension purposes. (b) Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public: (1) Records containing wiring or automated clearing house transfer of funds instructions or access codes; (2) Records containing bank account numbers; (3) All proprietary computer software; and (4) Any business, financial, or personal information in the possession of such retirement system concerning a party other than such retirement system. 20 47-1-14 (c) Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public for a period of one year from the date such records were created: (1) Records containing investment advice rendered by any investment adviser or retirement system employee; (2) Exhibits to minutes of retirement system board meetings or investment committee board meetings which contain securities trading information; (3) Securities trade tickets, confirmations, and other records pertaining to securities trades; and (4) Records which contain proposed terms of sale for real property owned by a retirement system; provided, however, that the records defined in this paragraph shall be subject to disclosure at any time after the sale of real property is consummated. (d) Any other provision of law to the contrary notwithstanding, the following records maintained by a retirement system are exempted from being open to inspection by the general public until the end of the calendar quarter following the calendar quarter in which the record is created: (1) Records which contain information relating to the investment portfolio composition and positions; and (2) Exhibits to minutes of retirement system board meetings or investment committee board meetings which contain information relating to investment portfolio composition and positions. (e) The provisions of subsections (b), (c), and (d) of this Code section shall not restrict access to records: (1) By an employee of a retirement system in the course of his or her official duties; (2) Subject to subpoena or other legal process of a court or administrative agency having competent jurisdiction in legal proceedings in which the state or a retirement system is a party; (3) In criminal prosecutions or other criminal actions brought by state or federal law enforcement authorities; (4) Given to federal or state regulatory or law enforcement agencies in the course of their official duties; or (5) Given to the Attorney General and the Department of Law, the Office of Planning and Budget, the state accounting officer and the State Accounting Office, or the state auditor and the Department of Audits and Accounts for use and public disclosure in the ordinary performance of 21 T.47, C.1, A.2 those officers’ and offices’ duties. (Code 1981, § 47-1-14, enacted by Ga. L. 1997, p. 44, § 1; Ga. L. 2002, p. 1246, § 1; Ga. L. 2005, p. 694, § 39/HB 293; Ga. L. 2010, p. 1207, § 65/SB 436.) or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010.’’ The 2010 amendment, effective July 1, 2010, substituted ‘‘adviser’’ for ‘‘advisor’’ in paragraph (c)(1). Editor’s notes. — Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: ‘‘The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, 47-1-15. Circumstances when survivors benefits are paid to secondary beneficiary. Unless otherwise expressly stated elsewhere in this title, in the event a person designated by a member of a public retirement or pension system created by this title as the primary beneficiary of a survivors benefit provided by such system does not survive the member by at least 32 days, any such benefits shall be paid to the secondary beneficiary, or as otherwise provided by law. (Code 1981, § 47-1-15, enacted by Ga. L. 1998, p. 176, § 1; Ga. L. 2000, p. 131, § 1.)