Upon service retirement, a member shall receive an allowance which shall consist of: An annuity which shall be the actuarial equivalent of the member’s accumulated contributions at the time of retirement; and An annual pension which, together with the annuity set forth in paragraph (1) of this subsection, shall provide a total allowance equal to […]
Until the first payment of any member’s retirement allowance becomes normally due, he may elect to convert the retirement allowance, otherwise payable to him, into a modified retirement allowance of equivalent actuarial value in accordance with one of the optional forms named below, provided that if he dies within 30 days after retirement, his optional […]
Any member who is in service or on authorized leave may retire on disability upon written application to the board of trustees if the member has at least ten years of creditable service at the time of retirement and if the member’s application for disability retirement is approved by the medical board. The medical board […]
Upon death of any member in service, the beneficiary nominated by the member by means of a written designation duly executed and filed with the board of trustees shall be entitled to: A cash refund of the member’s contributions and interest accumulated at the date of the member’s death; A monthly benefit computed in the […]
As used in this Code section, the term: “Local retirement allowance” means the retirement or pension allowance payable by a local retirement system to a locally retired teacher. “Local retirement system” means a retirement or pension system of a county, municipality, or local board of education which includes teachers as members thereof or which is […]
On and after July 1, 1980, and to the extent that the necessary funds are appropriated therefor by the General Assembly, whenever the retirement benefits of beneficiaries under this chapter are increased pursuant to Code Section 47-3-126, the board of trustees shall make a corresponding increase in the retirement benefits of retired public school teachers […]
The board of trustees is authorized to adopt a method of providing postretirement benefit adjustments for a beneficiary in his postretirement years. Such method of adjustment may result in the adoption by the board of trustees of a method of financing other than that described in paragraphs (1) through (3) of Code Section 47-3-43 and […]
As used in this Code section, the term “beneficiary” shall have the meaning specified in paragraph (7) of Code Section 47-3-1 and shall also mean and include any retired public school teacher who retired pursuant to any county, municipal, or local board of education retirement or pension system. Subject to the limitations of subsection (c) […]
As used in this Code section, the term “beneficiary” shall have the meaning specified in paragraph (7) of Code Section 47-3-1 and shall also mean: Any retired teacher who retired pursuant to any county, municipal, or local board of education retirement or pension system; The surviving spouse of any retired teacher who retired pursuant to […]
As used in this Code section, the term “beneficiary” shall have the meaning specified in paragraph (7) of Code Section 47-3-1 and shall also mean and include any retired public school teacher who retired pursuant to any county, municipal, or local board of education retirement or pension system. Subject to the limitations of subsection (c) […]
As used in this Code section, the term “beneficiary” shall have the meaning specified in paragraph (7) of Code Section 47-3-1. Subject to the limitations of subsection (c) of this Code section, effective July 1, 2006, the monthly retirement benefit of each beneficiary shall be increased by a percentage which varies in accordance with the […]
If, except as provided in Code Section 47-3-127.1, a beneficiary is restored to service as a teacher, he or she may elect: Cessation of his or her retirement allowance, in which case he or she shall again become a contributing member of the retirement system and be governed by the retirement provisions of this chapter; […]
From July 1, 2022, until June 30, 2026, notwithstanding the provisions of Code Section 47-3-127, to the extent and under the conditions provided for in this Code section, a public school system may employ a beneficiary who has obtained 30 years of creditable service in this retirement system in a full-time capacity as a certified […]
If a person’s membership ceases other than by death or retirement from this retirement system, the amount of his or her accumulated contributions to this retirement system shall be payable to the member upon such person’s request after the date the person has terminated employment with a school system, institution of higher learning, or agency […]
Any other provisions of this chapter to the contrary notwithstanding, the right to the service retirement benefit under this chapter shall vest in a member who withdraws from service prior to attaining 60 years of age, provided that he has completed at least ten years of creditable service and has not withdrawn his contributions. Such […]
No member shall retire or receive benefits under this retirement system prior to the commencement date; but any person eligible for service retirement or disability benefits after January 1, 1943, and prior to the commencement date shall be entitled to the benefits provided by this chapter, even though he is not a teacher on the […]
