2020 Georgia Code
Title 47 - Retirement and Pensions
Chapter 3 - Teachers Retirement System of Georgia
Article 7 - Retirement Allowances, Disability Benefits, and Spouses' Benefits
§ 47-3-128. Payment of Accumulated Contributions Upon Request After Termination of Membership; Payment of Taxable Portion to Eligible Retirement Plan
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 covered by this retirement system. The board of trustees shall allow a person requesting such payment of accumulated contributions to elect to have the taxable portion of such payment made directly to an eligible retirement plan as defined in the federal Internal Revenue Code.
(Ga. L. 1943, p. 640, § 5; Ga. L. 1964, p. 669, § 2; Ga. L. 1966, p. 513, § 3; Ga. L. 1969, p. 388, § 3; Ga. L. 1971, p. 620, § 2; Ga. L. 1993, p. 732, § 1; Ga. L. 2005, p. 535, § 15/HB 460.)
OPINIONS OF THE ATTORNEY GENERAL
Cannot withdraw contributions upon employment with local retirement fund.
- Member may not withdraw contributions upon entering employment of employer operating a local retirement fund. 1970 Op. Att'y Gen. No. 70-80.
Teachers with out-of-state credit may, upon reemployment, reestablish credit.- Teachers who establish out-of-state service credit and subsequently withdraw from the retirement system may, upon reemployment as teachers in Georgia, reestablish such service credit by paying into the system the amount of the withdrawn contributions, plus interest. 1973 Op. Att'y Gen. No. 73-45.
