45-18-37

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45-18-37.
(a) As used in this Code section, the term:
(1) 'Special compensation' means compensation for terminal leave and such other compensation as the Board of Trustees of the Employeeś Retirement System of Georgia deems appropriate under federal regulations.
(2) 'Special pay plan' means a qualified retirement plan under Section 401(a) of the federal Internal Revenue Code, 26 U.S.C. Section 401(a), which reduces federal tax obligations on special compensation.
(3) 'State employee' means any person, whether appointed or elected, who provides services for the state, including any state authority authorized to participate in the Employeeś Retirement System of Georgia under Chapter 2 of Title 47.
(4) 'Terminal leave' means accrued and unused annual leave which has not been forfeited at the time of a state employeés separation from service, not to exceed 360 hours.
(b) The Board of Trustees of the Employeeś Retirement System of Georgia shall establish and administer a special pay plan for the deferred payment of special compensation which reduces the federal tax obligation upon such payments. Such plan shall become effective not later than July 1, 2005. Participation in such plan shall be mandatory for all retiring and terminating state employees age 55 and older whose compensation for terminal leave equals $1,000.00 or more. Payment options from the plan shall include, at a minimum, a lump sum payment to the employee within seven days after payments are made into the plan on his or her behalf in an amount equal to the entire amount of special compensation with earnings thereon, less any mandatory income tax withholding. The board of trustees may contract with any company qualified to do business in this state to provide such benefits.
(c) Nothing in this Code section shall be construed so as to affect benefits under Chapter 2 of Title 47.