Ga. Comp. R. & Regs. R. 513-2-1-.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 not to exceed one and one-half percent (1.5%) may be made and 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.

Notes

Ga. Comp. R. & Regs. R. 513-2-1-.02

O.C.G.A. §§ 47-4-25, 47-4-105.

Original Rule entitled "Post-Retirement Benefit Adjustment" adopted. F. Apr. 15, 2021; eff. May 5, 2021.