Title 47

For the purpose of meeting disbursements for pensions, annuities, and other payments, cash may be kept available on deposit in one or more banks or trust companies organized under the laws of this state or of the United States, provided that the sum on deposit in any one bank or …

(a) The board of trustees shall be the trustees of the funds and shall have full power to invest and reinvest the assets of the retirement system and to purchase, hold, sell, assign, transfer, and dispose of any securities and other investments in which assets of the retirement s…

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, § 47-2-33, enacted by Ga. L. 2009, p. 947, § 13/HB 202.) Effective date. — Th…

All 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. 1949, p. 138, § 8; Ga. L. 1973, p. 900…

(a) The annuity savings fund shall be the fund in which shall be accumulated the contributions deducted from the compensation of members in order to provide for their annuities. Contributions to and payments from the annuity savings fund shall be made as follows: (1) Each employe…

Each employer responsible for the payment of compensation to contributing members shall deduct and collect from each member’s salary the employee contributions required under the retirement system and shall make a monthly report of such actions in such manner and form as are requ…

Any other provisions of law to the contrary notwithstanding, if any employee, his employer, or the designated reporting official fails to make such reports properly as are required under this chapter with respect to employment or membership or to make contributions, the board of …

(a) As used in this Code section, the term ‘‘member’’ shall not include a member who, prior to July 1, 1980, elected to cease making contributions to the retirement system. (b) On and after July 1, 1980, each employer shall pay to the retirement system, on behalf and to the credi…

The pension accumulation fund shall be the fund in which shall be held the reserves for 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 or her annuity reser…

The maintenance of annuity reserves and pension reserves, the crediting of regular interest to the annuity savings fund under Code Section 47-2-55, and the payment of all pensions, annuities, retirement allowances, refunds, and other benefits granted under this chapter shall be o…

On or before June 1 of each year, the normal cost and unfunded accrued liability contribution rates, as determined on the basis of the last actuarial valuation, shall be certified by the board of trustees to the director or chief administrative officer of each employer having mem…

Reserved. Repealed by Ga. L. 2010, p. 1207, § 6, effective July 1, 2010. option, credit, 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 regul…

The expense fund shall be the fund to which shall be credited state or federal funds, or both, to pay the administrative expense of the retirement system and from which shall be paid all expenses incurred in the administration and operation of the retirement system. (Ga. L. 1949,…

(a) After January 1, 1950, any person who becomes an employee of any employer which operates under a merit system of personnel administration and which is covered by the retirement system shall become a member of the retirement system as a condition of his or her employment, exce…

(a) As used in this Code section, the term: (1) ‘‘Employee’’ means full-time officers and employees of a new state agency; provided, however, that such term shall not mean an individual classified by an employer as an independent contractor or a leased employee within the meaning…

(a) Any other provisions of law to the contrary notwithstanding, and pursuant to Article VII, Section III, Paragraph I and Article III, Section X of the Constitution of Georgia and Chapter 18 of this title, there is established as of July 1, 1956, Division A of the Employees’ Ret…

Any other provision of this article to the contrary notwithstanding, any person who first becomes an employee of an employer at age 60 or later may elect not to become a member of this retirement system. Such election shall be made in writing to the board within 30 days of first …

(a)(1) Any provision of this chapter or Chapter 23 of this title to the contrary notwithstanding, any member of the Georgia Judicial Retirement System who is vested for a normal retirement benefit and who without a break in service becomes the head of a state department or agency…

(a) Any member of this retirement system may obtain up to an additional three years of creditable service as provided in this Code section. In order to obtain such additional creditable service, the member must: (1) Make application to the board of trustees in such manner as the …

(a) The board of trustees shall establish rules and regulations setting forth the amount of service in a year which is equivalent to one year of creditable service. (b) In no case shall more than one year of service be creditable for all service in one calendar year. (c) One year…

(a) As used in this Code section, the term: (1) ‘‘Classified member’’ means a member of the retirement system who is in the classified service of the State Personnel Administration provided for by Chapter 20 of Title 45. (2) ‘‘Commissioner’’ means the commissioner of personnel ad…

Any present member who has withdrawn accumulated contributions from either the Employees’ Retirement System of Georgia or the Teachers Retirement System of Georgia, or both, may, after two years of service as a contributing member, reestablish the creditable service for which the…

Any other provisions of this law to the contrary notwithstanding, any member of this retirement system who received compensation from the state for services rendered by him after December 31, 1953, but who did not become a member until a later date, may receive credit for any ser…

Any current member whose membership has previously been terminated because that member rendered less than one year of service in a period of five consecutive years and who has never withdrawn the contributions he or she made during such previous membership shall receive credit, a…

(a) As used in this Code section, the term: (1) ‘‘Authority’’ means the Georgia Housing and Finance Authority established by Chapter 26 of Title 50. (2) ‘‘Proof of prior employment’’ means pay records, income tax withholding records, or other records of the authority which are su…

(a) Any member of the retirement system, including a member subject to the provisions of Code Section 47-2-334, who was, at any time prior to becoming a member, employed by an employer as a temporary full-time employee, may obtain up to 12 months of creditable service for such se…

(a)(1)(A) Upon written application to the board of trustees, any member in service who has reached 60 years of age or who has 30 years of creditable service may retire on a service retirement allowance, provided that he or she has at least five years of creditable service; provid…

Any other provision of this chapter to the contrary notwithstanding, any member employed by the Uniform Division of the Department of Public Safety as an officer, a noncommissioned officer, or a trooper; by the Georgia Bureau of Investigation as an officer or agent; by the Depart…

(a) Upon service retirement, a member shall receive a service retirement allowance which shall consist of: (1) An annuity which shall be the actuarial equivalent of his or her accumulated contributions at the time of his or her retirement; and (2) A pension equal to the annuity a…

(a) A member may elect to convert the retirement allowance otherwise payable to him or her into a modified retirement allowance of equivalent actuarial value in accordance with one of the options set forth in subsections (b) through (e) of this Code section; provided, however, th…

Except as provided in Article 2 of Chapter 1 of this title, a member’s accumulated contributions shall be 100 percent vested and nonforfeitable at all times. The right to a service retirement allowance under this chapter shall vest in any member who withdraws from service with at…

(a) Upon the death or involuntary separation from employment without prejudice of any member in service, he shall be entitled to an allowance in accordance with subsection (c) of this Code section, provided that the provisions of this subsection that relate to ‘‘upon becoming inv…

Any member who is serving in the year which represents 95 percent of the required time for vesting of benefits under Code Section 47-2-111 or 47-2-122 or of the required time for benefits under subsections (c) through (e) of Code Section 47-2-123 shall be deemed to qualify for th…

(a)(1) Once each year during the first five years following the retirement of a member on a disability retirement allowance and once in every three-year period thereafter, the board of trustees may require a disability beneficiary who has not yet attained retirement age as specif…

If a disability beneficiary is restored to service, the retirement allowance of the beneficiary shall cease and the beneficiary shall again become a contributing member of the retirement system. Anything in this chapter to the contrary notwithstanding, any prior service certifica…

In the application of Code Sections 47-2-121, 47-2-123, 47-2-124, and subsection (d) of Code Section 47-2-120 to allowances, the monthly benefit of the member, whether dead or in life, or his beneficiary shall be computed as if the member attained age 60 or 65, whichever is appli…

(a) Wherever the term ‘‘survivors benefits’’ is used or referred to in this chapter, it shall be construed to be group term life insurance. (b) Pursuant to the provisions of this Code section, Code Section 47-2-129, and rules or regulations adopted for such purpose, the board of …

The board of trustees may provide group term life insurance protection for the members of the retirement system as the survivors benefits program provided for in Code Section 47-2-128 by contracting for such service with the State Employees’ Assurance Department or any insurance …

(a) Anything in this chapter to the contrary notwithstanding, an employer contribution shall be made on the account of a member who is transferred to a federal agency during a national emergency, provided that the transfer is made pursuant to an official request to the member for…

(a) Anything in this chapter to the contrary notwithstanding, an employer contribution shall be made to the account of any member who during a national emergency enters or in time of peace is drafted into the armed forces of the United States directly from state employment or fro…

(a) Beginning in January, 1962, current and future members of the General Assembly shall make contributions to the retirement system for the limited purpose of providing survivors benefits under Code Sections 47-2-128 and 47-2-129, provided that any member of the General Assembly…

Any other provisions of this chapter to the contrary notwithstanding, the board of trustees is authorized by rules or regulations to provide for group term life insurance protection for members and former members of the General Assembly; provided, however, that the provisions of …

(a) Anything in this chapter to the contrary notwithstanding, any employee of the General Assembly who is in a position which normally requires actual performance of duties during the full 12 months of the calendar year, as reflected by the state auditor’s report, shall, as a con…

(a) Any other provisions of law to the contrary notwithstanding, any member, except a member subject to subsection (b) of this Code section, who was previously a member of the Teachers Retirement System of Georgia who has service credits with said teachers retirement system may h…

(a) As used in this Code section, the term: (1) ‘‘Local retirement system’’ means a retirement system maintained by a county or independent school district for the purpose of providing a retirement benefit program for the teachers and other employees of the county or independent …

Any member who has service credits with the Public School Employees Retirement System may not have any such service credits transferred to the Employees’ Retirement System of Georgia. (Code 1981, § 47-2-190, enacted by Ga. L. 1987, p. 575, § 7.) Part 4 Employees of Certain State …