Ga. Comp. R. & Regs. R. 513-1-1-.05 - Post-Retirement Cost-of-Living Benefit Adjustment

(1) "Post-retirement benefit adjustment" shall not include any increases in member's retirement benefit associated with the type of optional form of payment selected at retirement. Such adjustments shall not include changes to a beneficiary's Supplemental Guaranteed Lifetime Income annuity.

(2) Annually, cost-of-living post-retirement benefit adjustment(s) may be granted to each beneficiary who has surpassed the later of their Retirement Date or Normal Retirement Date (as defined in the Funding Policy) by at least twelve (12) months. The cost-of-living post-retirement benefit adjustment may be granted to beneficiaries who are receiving a disability allowance and have surpassed the later of their Retirement Date or age forty-four (44) by at least twelve (12) months. Any increase shall apply only to the current retirement allowance not in excess of the Social Security wage base as established for that calendar year.

(3) An ad hoc post-retirement benefit adjustment may be granted based upon provisions adopted by the Board of Trustees and shall apply to the retirement allowance not in excess of the Social Security wage base as established for that calendar year.

(4) Any increase in benefit shall become effective only if the necessary appropriations/funds are available to maintain the actuarial soundness of the System.

(5) A member who becomes or became a member of this retirement system on or after July 1, 2009 shall not be entitled to receive any post-retirement benefit adjustment.

Notes

Ga. Comp. R. & Regs. R. 513-1-1-.05

O.C.G.A. § 47-2-29.

Original Rule entitled "Post-Retirement Cost-of-Living Adjustments" was filed on July 17, 1987; effective August 6, 1987. Repealed: New Rule, same title, adopted. F. Mar. 24, 1992; eff. Apr. 13, 1992. Amended: F. Dec. 22, 1993; eff. Jan. 11, 1994. Amended: F. Mar. 19, 1999; eff. Apr. 8, 1999. Amended: New title "Post-Retirement Benefit Adjustment." F. Apr. 15, 2021; eff. May 5, 2021. Amended: New title "Post-Retirement Cost-of-Living Benefit Adjustment." F. June 16, 2022; eff. July 6, 2022.