Ga. Comp. R. & Regs. R. 513-5-1-.20 - Interest to be Paid on Special Refunds

It is the policy of the Teachers Retirement System of Georgia to pay interest at the normal applicable accrued interest rate on a refund of monies paid directly into the Teachers Retirement System by a member when such refund is a result of a correction to the member's account and when such monies have been held by the Teachers Retirement System for more than 60 days. Such interest shall be prorated from the date received by the Teachers Retirement System to the date of a payment rounded to the closest month.

Notes

Ga. Comp. R. & Regs. R. 513-5-1-.20

O.C.G.A. Secs. 47-3-44, 47-3-26.

Original Rule entitled "Interest to be Paid on Special Refunds" was adopted as ER. 513-5-1-0.1-.20. F. Jul. 27, 1990; eff. July 1, 1990, the date of adoption, to remain in effect for a period of 120 days or until the effective date of a permanent Rule covering the same subject matter superseding this Emergency Rule, as specified by the Agency. Amended: Permanent Rule of same title adopted. F. Sept. 27, 1990; eff. Oct. 17, 1990.