Title 47

This article shall be known and may be cited as the ‘‘Georgia State Employees’ Pension and Savings Plan.’’ (Code 1981, § 47-2-350, enacted by Ga. L. 2008, p. 1005, § 1/SB 328.)

(a) Except where indicated clearly to the contrary by the context, the word ‘‘member’’ as used in this article shall mean any employee who first or again becomes a member of the Employees’ Retirement System of Georgia on or after January 1, 2009. From and after January 1, 2009, e…

(a) Every member subject to this article shall contribute employee membership contributions in an amount equal to 1 1/4 percent of earnable compensation which shall be deducted by each employer from the earnable compensation of each member for each and every payroll period and pa…

Every member subject to this article shall, upon becoming eligible under the provisions of this chapter, be entitled to a service retirement allowance, which shall consist of: (1) An annuity which shall be the actuarial equivalent of the member’s accumulated contributions at the …

(a) Members subject to this article shall be subject to the following conditions: (1) The following provisions shall not be applicable to members subject to this article: (A) Subsection (d) of Code Section 47-2-120; (B) Paragraph (1) of subsection (c) of Code Section 47-2-123; (C…

(a)(1) Subject to the provisions of paragraphs (2) through (5) of this subsection, any member in service who has at least 15 years of creditable service who becomes disabled in service before becoming eligible to receive a service retirement allowance may be retired on a disabili…

(a) For purposes of calculating a survivor’s benefit, any member who has at least 15 years of creditable service and who dies in service before becoming eligible for a service retirement shall be deemed to be eligible to retire forthwith without regard to age and to receive the e…

(a) As used in this Code section, the term: (1) ‘‘401(k)’’ means the deferred compensation plan offered by the state for public employees pursuant to Article 3 of Chapter 18 of Title 45 utilizing Section 401(k) of the federal Internal Revenue Code. (2) ‘‘Plan’’ means the employee…

This article shall not be construed and is not intended to have any effect whatsoever on persons within the membership of the Employees’ Retirement System of Georgia on December 31, 2008, who do not elect in writing to become members subject to this article. (Code 1981, § 47-2-35…

The provisions of this article shall control over conflicting or inconsistent provisions of this chapter or any other law of this state. It is the intention of the General Assembly that this article has not been and may not be repealed, superseded, or modified by implication thro…

Employer contributions for transfer to federal agency; accumulated pension credits; effect of failure to return to state employment. Credit for prior service rendered by persons transferred under loan to a federal agency but ineligible for federal service retirement membership or…

47-2-166 through 47-2-168 [Repealed]. Eligibility for membership of officials and employees of the Department of Audits and Accounts; contributions. Membership of certain employees of the Administrative Office of the Courts of the Judicial Council of Georgia and the Council of Ju…

Director status inhibiting eligibility for corresponding emeritus positions [Repealed]. Membership in retirement system of employees of the Department of Corrections; contributions; creditable service; eligibility for survivors benefits. Disability allowances payable to personnel…

Power and duty of board of trustees to administer and operate retirement system; membership of board; vacancies; expenses; oath; quorum. Election of chairman and director; actuarial services; application of the State Personnel Administration; payment of costs of the State Personn…

‘‘Member’’ defined; membership optional; calculation. Employee and employer contributions. Service retirement allowance. Conditions; rights, privileges, obligations, and duties. Disability retirement; periodic medical examination and review. Death allowances and benefits. Withdra…

Payment of state employee contributions on behalf of employees; inclusion of contributions in compensation for determining benefits; adjustment in compensation of state employees; ‘‘pick-up’’ contributions. Pension accumulation fund; purposes; employer contributions; crediting of…

Membership in the Retirement System 47-2-70. 47-2-70.1. 47-2-71. 47-2-72.

As used in this chapter, the term: (1) ‘‘Accumulated contributions’’ means the sum of all the amounts deducted from the earnable compensation of a member or paid by the member to establish or reestablish credit for service, which amounts are credited to his individual account in …

(2) ‘‘Actuarial equivalent’’ means a benefit of equal value when computed at regular interest upon the basis of the mortality tables last adopted by the board of trustees. (3) ‘‘Annuity’’ means annual payments for life derived from the accumulated contributions of a member. (4) ‘…

A retirement system is established for the purpose of providing retirement allowances and other benefits under this chapter for teachers of this state and is placed under the management of the board of trustees. It shall have the power and privileges of a corporation, the right t…

(a) There is created a board of trustees which shall consist of ten trustees as follows: (1) The state auditor, ex officio; (2) One member who shall be an active member of the Teachers Retirement System of Georgia who is a classroom teacher and is not an employee of the Board of …

(a) The board of trustees shall elect from its membership a chairman and shall elect an executive director, who shall not be one of its members. (b) The executive director shall be subject to the rules and regulations of the board of trustees and shall be the treasurer of the ass…

(a) The board of trustees shall designate an actuary who shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by this chapter and who shall perform such duties as are required in connection therewith. (b) From time to tim…

The Attorney General shall be the legal adviser of the board of trustees. (Ga. L. 1943, p. 640, § 6; Ga. L. 2010, p. 1207, § 65/SB 436.) The 2010 amendment, effective July 1, 2010, substituted ‘‘adviser’’ for ‘‘advisor’’ in this Code section.

The board of trustees shall designate a medical board of three physicians who are not eligible to participate in the retirement system. Other physicians may be employed to report on special cases, as necessary. The medical board shall arrange for and pass upon all medical examina…

(a) The administration and responsibility for the proper operation of the retirement system and for placing this chapter into effect are vested in the board of trustees, which shall be organized immediately after a majority of the trustees provided for in Code Section 47-3-21 hav…

(a) The members of the board of trustees shall be the trustees of the retirement system and shall have full power to invest and reinvest its assets, subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the ‘‘Public …

(a) The right to a pension, annuity, retirement allowance, return of contributions, the pension, annuity, or retirement allowance itself, any optional benefit, or any other right accrued or accruing to any person under this chapter and the moneys in the various accounts created b…

All of the assets of the retirement system shall be credited according to the purpose for which they are held among three funds, to be known as the ‘‘annuity savings fund,’’ the ‘‘pension accumulation fund,’’ and the ‘‘expense fund.’’ (Ga. L. 1943, p. 640, § 8; Ga. L. 1962, p. 72…

(a) Beginning on July 1, 1987, each employer shall pay to the board of trustees on behalf and to the credit of each member required to make employee contributions under subsection (a) of Code Section 47-3-41, on each and every payroll period, the employee membership contributions…

(a) It shall be the duty of each county board of education, the board of education of each independent school system, and of each and every employer of teachers to deduct and collect the required employee contributions from each teacher’s salary and to make monthly remittance of …

The pension accumulation fund shall be the fund in which shall be held the reserves on all annuities in force and from which shall be paid all annuities and all benefits in lieu of annuities under this chapter. If a beneficiary is restored to membership, his annuity reserve shall…

All interest and dividends earned on the funds of the retirement system shall be credited to the pension accumulation fund. Once each year the board of trustees shall transfer from the pension accumulation fund to the annuity savings fund such amounts as are sufficient to allow r…

The maintenance of annuity reserves and pension reserves of the retirement system, the crediting of regular interest to the annuity savings fund, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be obl…

No contributions to the retirement system shall be made by the state, by employers, or by members prior to the commencement date, except the contribution of the state for an expense fund to pay the expenses of setting up and operating the retirement system prior to that date. On …

The expense fund shall be the fund to which shall be credited the state funds appropriated to pay the administrative expenses of the retirement system and from which shall be paid all expenses incurred in its administration and operation. (Ga. L. 1943, p. 640, § 8; Ga. L. 1962, p…

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 trust…

This chapter shall become effective on March 19, 1943, but neither the state nor any other employer or member shall be obligated to make contributions for the pensions and annuities under this chapter until after the General Assembly has by appropriation made available funds for …

(a) Any person who becomes a teacher after January 1, 1944, shall become a member of the retirement system as a condition of his or her employment, except as otherwise provided in this chapter. (b) Any person who was a teacher on January 1, 1943, or became a teacher prior to Janu…

(a) Visiting teachers employed under Subpart 2 of Part 1 of Article 16 of Chapter 2 of Title 20 shall have the same status under the retirement system as regular classroom teachers or supervisors whose employment requires that they hold valid certificates issued by authority of t…

(a) In accordance with Code Section 47-4-40, full-time public school lunchroom, maintenance, or warehouse managers or supervisors or full-time public school transportation managers or supervisors including those employed by postsecondary vocational-technical schools governed by t…

Except as otherwise provided by paragraph (5) of subsection (e) of Code Section 47-3-60, teachers in the service of an employer operating a local retirement fund shall not be members of the Teachers Retirement System of Georgia. Such teachers shall make no contributions to this r…

(a) As used in this Code section, the term: (1) ‘‘Independent school system’’ means the independent school system of a municipality. (2) ‘‘Local retirement fund’’ means a local retirement fund covering teachers employed by an independent school system. (3) ‘‘Municipality’’ means …

(a) As used in this Code section, the term: (1) ‘‘Continuous service’’ means active continuous employment in the county school system interrupted only by a leave duly authorized and granted by the county school system. (2) ‘‘County’’ means any county of this state having a popula…

(a)(1) The provisions of this paragraph shall apply to persons employed prior to July 1, 2008. As used in this Code section, the term ‘‘eligible university system employee’’ means faculty and principal administrators employed by the University System of Georgia, as designated by …

The board of trustees shall fix and determine by appropriate rules and regulations how much service in any year is equivalent to one year of creditable service, but in no case shall more than one year of service be creditable for all service in one calendar year. Service rendered…