Title 47

(a) Each member shall contribute $4.00 monthly as the employee contribution toward the cost of the retirement system. Each local unit of administration shall deduct such amount each month from the compensation of each of its employees who is a member of the retirement system and …

No public school employee shall be obligated to make employee contributions to the retirement system until July 1, 1970, under subsection (a) of Code Section 47-4-29. (Ga. L. 1969, p. 998, § 23.) ARTICLE 5 SERVICE CREDITABLE TOWARD RETIREMENT

(a) The board shall fix and determine by appropriate rules and regulations how much service in any year is equivalent to one year of membership service, but in no case shall more than one year of service be creditable for all service in one calendar year. In developing rules and …

Any provision of this chapter to the contrary notwithstanding, no credit shall be given any member for prior service until the General Assembly appropriates funds to amortize the prior service liability. (Ga. L. 1969, p. 998, § 24.)

(a) The normal retirement date of a member shall be the first day of the month coinciding with or next following the date he or she reaches the age of 65, except that the normal retirement date of a member who is age 64 or over on January 1, 1970, shall be January 1, 1971. A memb…

(a) Any member may retire and upon application to the board receive the retirement benefits set forth in this Code section after obtaining a minimum of ten years of creditable service. The effective date of retirement shall be the first of the month in which the application is re…

(a) At any time prior to his retirement a member may elect or may revoke a previous election and make a new election to have his retirement benefit payable under one of the options set forth in subsections (c) and (d) of this Code section in lieu of the lifetime income he is othe…

Any member who obtains a minimum of 15 years of creditable service and who becomes totally and permanently disabled to the extent that he is unable to perform the duties of his employment shall be entitled to receive a disability retirement benefit equal to the full retirement be…

(a) If a member dies prior to his normal retirement date, his beneficiary shall receive a lump sum refund of his accumulated contributions made under the retirement system to the member’s date of death, unless the member retired before his normal retirement date, in which event t…

The board is authorized to grant postretirement benefit adjustments from time to time for the purpose of maintaining essentially no less purchasing power for persons receiving benefits pursuant to the provisions of this chapter. Granting postretirement benefit adjustments shall b…

(a) If any retired member who has not yet reached normal retirement age returns to service as a public school employee in any position which normally requires membership in this retirement system, such member’s retirement benefit shall cease and the retired member shall reestabli…

The right to a retirement benefit, return of contributions, any optional benefit, or any other right accrued or accruing to any person under this chapter shall be exempt from any state, county, or municipal tax, except as provided in Code Section 48-7-27; exempt from levy and sal…

(a) Any person who knowingly makes any false statements or falsifies or permits to be falsified any records of the retirement system in any attempt to defraud the retirement system, as a result of such act, shall be guilty of a misdemeanor and, upon conviction, shall be punished …

Membership of persons employed by local units of administration which operate local retirement systems. Creation and administration of the retirement system; corporate powers and privileges; rights in actions; name under which retirement system business shall be transacted. Creat…

(a) It is declared to be the intent of the General Assembly to provide a method whereby the municipal corporations and certain other entities of this state may, in the discretion of their respective governing bodies, provide retirement and other benefits to their employees throug…

As used in this chapter, the term: (1) ‘‘Benefit system’’ or ‘‘system’’ means the Georgia Municipal Employees Benefit System created by this chapter. (2) ‘‘Board of trustees’’ or ‘‘board’’ means the Board of Trustees of the Georgia Municipal Employees Benefit System. (3) ‘‘Contra…

There is created a public corporation of this state to be known as ‘‘The Board of Trustees of the Georgia Municipal Employees Benefit System (GMEBS).’’ Said corporation shall be the successor to the Joint Municipal Employees Retirement System ( JMERS) and it is the intent of this…

(a) The board of trustees shall consist of 15 members. To be eligible for membership on the board of trustees, a person must be a citizen of this state. Members of the board of trustees shall be eligible to succeed themselves but shall not serve more than three consecutive full t…

At its first meeting following July 1 in each year, the board of trustees shall elect a chairman, secretary, treasurer, and such other officers as provided in the bylaws of the board. The secretary and the treasurer need not be members of the board; and such offices may, in the d…

The board of trustees shall have the following specific powers, together with such other powers as may be necessary or incidental to such powers in effectuating the purposes of this chapter: (1) To adopt bylaws governing its operations and procedures; (2) To contract with municip…

(a) The board of trustees is authorized to invest and reinvest funds held by it in any investments which are legal investments under Article 7 of Chapter 20 of this title, the ‘‘Public Retirement Systems Investment Authority Law’’. The board of trustees shall have the discretion …

The board of trustees shall prescribe in its bylaws the method of valuation of assets, which method shall be in accordance with acceptable accounting practices in use by corporate trustees. (Ga. L. 1965, p. 421, § 18.)

The board of trustees shall file with each member employer an annual written report showing pertinent transactions affecting its respective retirement fund account, workers’ compensation fund account, or employee benefit fund account since the last previous such report. Within 90…

The administrative expenses of the board of trustees, including all operational expenses, fees, compensation, and other costs, shall be paid from funds held by it and may be chargeable by it to either principal or income or both, as determined by it, as of any valuation date. Fur…

(a) The board of trustees shall administer the retirement fund and shall maintain records as follows: (1) The board of trustees shall maintain individual accounts for each participating employee, to which shall be credited the dollar value of participation allocated to such emplo…

(a) The board of trustees shall determine the principal and income of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds on periodic evaluation dates established by the board of trustees, but at least once every 12 months. Income shall be dete…

(a) At least once every 12 months an audit shall be made of the retirement fund, workers’ compensation fund, employee benefit fund, and other funds by independent certified public accountants responsible only to and appointed by the board of trustees. The compensation and reasona…

(a)(1) Each employer is empowered to establish a plan or plans for the provision of retirement or employee benefits for its employees. Such plans shall be enacted by ordinance of the governing body of a municipal corporation or by a resolution of the governing body of other emplo…

(a)(1) The board of trustees has the power to establish one or more master plans which may be adopted by any employer that, upon the date that it agrees to join the plan, has fewer than 16 employees who elect and are qualified for plan participation. The employees to be covered, …

(a) Each member employer that has adopted a plan for the provision of retirement benefits or employee benefits under Code Section 47-5-40 is authorized in its plan and contract to include such provisions as are necessary for the development of a suitable plan, which provisions sh…

Each member employer may provide in its plan for early and normal retirement ages. A member employer may defer the retirement of an employee who has reached normal retirement age. (Code 1981, § 47-5-43, enacted by Ga. L. 1984, p. 1041, § 11.)

Each member employer that has adopted a plan providing retirement benefits under Code Section 47-5-40 is authorized in its plan and contract to determine what credit, if any, shall be allowed for prior service. The financial liability incurred by the member employer for any such …

The board of trustees may provide rules under which contracts with member employers may provide for uninterrupted participation by a participating employee who transfers his employment from one member municipality to another. (Code 1981, § 47-5-45, enacted by Ga. L. 1984, p. 1041…

Member employers which provide retirement benefits under a local or special Act may contract with the board of trustees for transfer of credits to this retirement system and continuation of accrued benefits to their employees under terms which may be provided by amendment to such…

Plans providing for retirement benefits established under this chapter shall provide that mandatory contributions made by a participating employee shall be returned to such employee or his estate in the event of death before retirement. If the employee is separated from employmen…

Nothing in this chapter shall create a debt of the State of Georgia. (Ga. L. 1965, p. 421, § 25; Ga. L. 1988, p. 387, § 1.)

Funds held by the board of trustees or for its account shall not be subject to process, levy, or attachment; nor shall benefits arising under this chapter or any contract pursuant to this chapter be assignable. (Ga. L. 1965, p. 421, § 26.)

Except as otherwise specified in this chapter, the provision of retirement benefits and employee benefits pursuant to this chapter shall not be subject to regulation under Title 33. (Code 1981, § 47-5-72, enacted by Ga. L. 1984, p. 1041, § 12; Ga. L. 2000, p. 131, § 1.) CHAPTER 6…

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

(a) A retirement system is created and placed under the administration of the Board of Trustees of the Employees’ Retirement System of Georgia to provide retirement allowances and other benefits for members of the General Assembly. The system shall begin operation as of July 1, 1…

There is created an office to be known as the ‘‘executive secretary of the Georgia Legislative Retirement System.’’ The director of the Employees’ Retirement System of Georgia shall serve as executive secretary of this system. (Ga. L. 1967, p. 259, § 14.)

(a) The general administration and responsibility for the proper operation of the system and for putting this chapter into effect are vested in the board. (b) The board shall engage such actuarial and other services as shall be required to transact the business of the system. (c)…

(a) The board shall be the trustee of the funds of the system; may invest and reinvest such funds; and may hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created under this chapter shall have been invested, a…

(a) All of the assets of the system shall be credited, according to the purpose for which they are held, to either the members’ account or the accumulation account. The benefits under this chapter and all administrative expenses shall be paid from such accounts. (b) The members’ …

For purposes of complying with federal Internal Revenue Service rules and regulations, the plan year for this retirement system shall be the 12 month period beginning on July 1 of each year. (Code 1981, § 47-6-25, enacted by Ga. L. 2009, p. 947, § 25/HB 202.) Effective date. — Th…

(a) All persons who are members of the General Assembly on July 1, 1967, shall become members of the system as of such date, except that within six months from such date any such person may irrevocably elect not to be a member of the system. All other persons shall become members…