Ga. Comp. R. & Regs. R. 513-3-1-.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) Annually, post-retirement benefit
adjustment(s) 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 shall apply uniformly and equally to all
members. 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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