Ga. Comp. R. & Regs. R. 513-5-1-.17 - Option 4 Plan of Retirement
(1) Any member may select an optional plan of
retirement under Ga. Laws, Code Section
47-3-121(e)
provided the reduced retirement allowance so selected does not reduce the
member's benefits by more than fifty percent (50%) of the maximum benefits as
provided in Ga. Laws, Code Section
47-3-120 or
47-3-122as applicable or increase the member's benefits to an amount greater than the
maximum benefits as provided by Ga. Laws, Code Section
47-3-120 or
47-3-122as applicable.
(2) Any member may
elect a reduced retirement allowance under Option Four (4) as provided in Ga.
Laws, Code Section
47-3-121(e) to be designated "Option 2 Pop-Up" with the
provision that after his or her death, the reduced retirement allowance shall
be continued throughout the life of and paid to the one person nominated by him
or her by written designation duly executed and filed with the Board of
Trustees at the time of his or her retirement and if the one person so
nominated dies prior to the retiree that the basic benefits payable to the
retiree shall be increased to an amount as though the retiree had not selected
an optional benefit plan of retirement. The benefits of a member selecting this
option shall be the actuarial equivalent of the basic benefits provided under
Ga. Laws, Code Section
47-3-120 or
47-3-122as applicable.
(3) Any member may
elect a reduced retirement allowance under Option Four (4) as provided by Ga.
Laws, Code Section
47-3-120(e) to be designated "Option 3 Pop-Up" with the
provision that after his or her death, one-half of the reduced retirement
allowance shall be continued throughout the life of and paid to the one person
nominated by him or her by written designation duly executed and filed with the
Board of Trustees at the time of his or her retirement and if the one person so
nominated dies prior to the retiree that the basic benefits payable to the
retiree shall be increased to an amount as though the retiree had not selected
an optional plan of retirement. The benefits of a member selecting this option
shall be the actuarial equivalent of the basic benefits provided under Ga.
Laws, Code Section
47-3-120 or
47-3-122as applicable.
(4) In the event
that a retiree's benefits are increased under the provisions of this rule or
policy, the retiree shall only be entitled to such cost-of-living increases as
actually being received at the time of the death of the beneficiary of the
retiree and shall only be entitled to future cost-of-living increases as
provided by Ga. Laws, Code Section
47-3-126.
Notes
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