§ 47-2-350. Short Title
This article shall be known and may be cited as the “Georgia State Employees’ Pension and Savings Plan.” History. Code 1981, § 47-2-350 , enacted by Ga. L. 2008, p. 1005, § 1/SB 328.
§ 47-2-351. “Member” Defined; Membership Optional; Calculation
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, every person first or again becoming an […]
§ 47-2-352. Employee and Employer Contributions
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 paid monthly to the board of trustees. Such amount shall be credited […]
§ 47-2-353. Service Retirement Allowance
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: An annuity which shall be the actuarial equivalent of the member’s accumulated contributions at the time of retirement; and A monthly pension which, together with the annuity, shall […]
§ 47-2-354. Conditions; Rights, Privileges, Obligations, and Duties
Members subject to this article shall be subject to the following conditions: The following provisions shall not be applicable to members subject to this article: Subsection (d) of Code Section 47-2-120; Paragraph (1) of subsection (c) of Code Section 47-2-123; Code Section 47-2-124; and Code Section 47-2-334; Except as provided in Chapter 1 of this […]
§ 47-2-355. Disability Retirement; Periodic Medical Examination and Review
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 disability allowance by the board of trustees, upon written application to […]
§ 47-2-356. Death Allowances and Benefits
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 equivalent of a service retirement allowance calculated upon […]
§ 47-2-357. Withdrawal; Employer Contributions; Vesting; Date of Election
As used in this Code section, the term: “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. “Plan” means the employee savings plan created by this article. Each member shall, at the […]
§ 47-2-358. Impact on Members of Employees’ Retirement System of Georgia on December 31, 2008
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. History. Code 1981, § 47-2-358 , enacted by Ga. L. 2008, […]
§ 47-2-359. Conflicting Provisions
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 through the enactment of any other law or through […]
§ 47-2-360. Administration
The board of trustees shall have the responsibility of administering the provisions of this article and shall promulgate such rules and regulations as are necessary to carry out the provisions of this article. History. Code 1981, § 47-2-360 , enacted by Ga. L. 2008, p. 1005, § 1/SB 328.