2020 Georgia Code
Title 47 - Retirement and Pensions
Chapter 22 - Georgia Defined Contribution Plan
§ 47-22-9. Payment of Lump Sum on Termination of Employment; Continued Accrual of Earnings Absent Request for Lump Sum Payment; Withdrawal of Moneys and Closing of Account Upon Cessation of Employment; Vesting and Nonforfeitablility
- Upon the written request of a member who ceases to be an employee, a lump sum amount shall be paid to such person equal to the total amount credited to such member's account at the time the member ceases to be an employee. If no such request is made, the member's account shall continue to accrue earnings in the same manner as any member's account.
- Notwithstanding the provisions of subsection (a) of this Code section, if any member who ceases to be an employee has less than such minimum amount as determined by the board, but not more than $5,000.00, credited to such member's account, the board may, at its option, require such member to withdraw all such moneys and the member's account shall be closed; provided, however, that the board's option to require withdrawal of small account balances shall be applied in a consistent manner; provided, further, that if the board provides for mandatory distributions of account balances greater than $1,000.00 and if a member does not elect to have such distribution paid directly to an eligible retirement plan specified by the member in a direct rollover or to receive the distribution directly, the plan shall pay the distribution in a direct rollover to an individual retirement plan designated by the board in accordance with Section 401(a)(31)(B) of the federal Internal Revenue Code.
- Except as otherwise provided in Article 2 of Chapter 1 of this title, a member's account balance in the plan shall at all times be 100 percent vested and nonforfeitable.
(Code 1981, §47-22-9, enacted by Ga. L. 1992, p. 1288, § 1; Ga. L. 2006, p. 1010, § 3/HB 1020; Ga. L. 2009, p. 947, § 30/HB 202; Ga. L. 2010, p. 1207, § 60/SB 436.)
The 2009 amendment, effective May 11, 2009, rewrote this Code section.
The 2010 amendment, effective July 1, 2010, deleted the former second sentence of subsection (a) which read: "If such member dies before payment has been made, such payment shall be made to such person as the member has nominated, by written designation filed with the board; otherwise to the member's estate."Editor's notes.
- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, 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 regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."