Ga. Comp. R. & Regs. R. 513-16-1-.02 - Post-Retirement 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.
(2) Each January 1 and July 1, a
post-retirement benefit adjustment may be granted to each beneficiary who has
attained age forty-five (45) and has been retired at least seven (7) months.
The post-retirement benefit adjustment may be granted to beneficiaries who are
receiving a disability allowance regardless of age. An 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 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
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