2022 Georgia Code
Title 47 - Retirement and Pensions
Chapter 2 - Employees’ Retirement System of Georgia
Article 2 - Creation, Administration, and Management of the Assets of the Retirement System
§ 47-2-29. Postretirement Benefit Adjustments

1. On a date to be established by the board of trustees, but not before April 1, 1967, the board of trustees is authorized to adopt a method of providing for postretirement benefit adjustments for the purpose of maintaining essentially no less purchasing power for a beneficiary in his postretirement years. Such method shall be based upon:
   1. Recommendation of the actuary for the board of trustees;
   2. Maintaining the actuarial soundness of the retirement system;
   3. Its application to the retirement income of members retiring on or after the adoption of such method by the board of trustees; and
   4. Any additional contribution by the member in an amount not to exceed one-fourth of 1 percent of his monthly earnable compensation.

      This Code section shall also be applicable to those members retiring before April 1, 1967.

2. Notwithstanding any other provision of this Code section, no member who becomes a member of this retirement system on or after July 1, 2009, shall be entitled to receive any postretirement benefit adjustment.

History. Ga. L. 1967, p. 751, § 3; Ga. L. 1968, p. 1356, § 3; Ga. L. 1971, p. 339, § 1; Ga. L. 1988, p. 1482, § 1; Ga. L. 2009, p. 320, § 2/HB 452; Ga. L. 2010, p. 1207, § 5/SB 436.

The 2009 amendment, effective July 1, 2009, added subsection (c).

The 2010 amendment, effective July 1, 2010, deleted former subsection (b), which read: “(b)(1) Effective July 1, 1988, the monthly retirement benefit of each beneficiary who was receiving a benefit on July 1, 1981, shall be increased by:

“(A) One dollar for each full year of creditable service, other than creditable service based on forfeited annual and sick leave and creditable service resulting from any projection of service under the provisions of this chapter, which the member had at the time of retirement; plus

“(B) One dollar for each full year which has elapsed from the date of retirement until July 1, 1981,

“provided that, if a beneficiary is receiving a monthly benefit exceeding $1,500.00 on July 1, 1988, no increase shall be granted to such beneficiary under this paragraph nor shall any portion of such increase be granted to a beneficiary which would cause such beneficiary’s total monthly benefit as of July 1, 1988, to exceed $1,500.00.

“(2) When the postretirement benefit adjustment provided by this subsection has been granted, there shall be no further postretirement benefit adjustments pursuant to the authority of this subsection.”; and redesignated former subsection (c) as present subsection (b).

Editor’s notes.

Ga. L. 2009, p. 320, § 1, not codified by the General Assembly, provides that: “The General Assembly is desirous of providing an established annual cost-of-living adjustment to all current active and retired members of the Employees’ Retirement System of Georgia, the Georgia Legislative Retirement System, and the Georgia Judicial Retirement System. In order to do so, limiting future liability of the systems by adjusting the retirement expectations of persons who are newly employed is a regrettable but necessary step toward fiscal soundness.”

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.”