Ga. Comp. R. & Regs. R. 513-7-1-.15 - Early Retirement Calculation; Reemployment
(1) A member may choose to receive a reduced
monthly benefit if they are between the ages of 50 and 55 and/or they earned
between 15 and 25 years of creditable service at the time of retirement. The
monthly benefit will be a prorata amount based on the maximum monthly
retirement benefit in effect at the time of the member's retirement to which
the member would have otherwise been eligible to receive. For each year of age
less than 55, the member's maximum monthly retirement benefit will be reduced
by 6%. For each year of creditable service less than 25, the member's maximum
monthly retirement benefit in effect will be reduce by 4%. If a member has more
than 25 years of creditable service upon retirement, 2% of the member's maximum
monthly retirement benefit will be added to that monthly benefit for each
additional year.
(2) A retired
member who has begun receiving benefits must immediately notify the Executive
Director if they become reemployed with a Fire Department. Retirement benefits
being paid to such person shall be suspended from the time of when reemployment
begins until the time reemployment terminates. After their reemployment has
terminated and they have notified the Pension Fund, retirement benefits shall
be resumed. That benefit amount will be based on the firefighter's age and
creditable service earned at the original retirement date.
(a) A retired member who becomes reemployed
with a Fire Department and meets the requirements for membership may submit a
new application for membership. If the application is granted, he or she may
rejoin the Fund as an active member. After their reemployment has terminated
and they have notified the Pension Fund, retirement benefits shall be resumed.
If the member acquires less than seven (7) years of subsequent creditable
service, the benefit amount will be based on the firefighter's age at the
original retirement date and creditable service earned at the date reemployment
was terminated.
(b) If the member
acquires seven (7) years (or more) of creditable service during the period of
re-employment, the benefit amount will be based on the firefighters' age and
creditable service earned at the date reemployment was terminated.
Notes
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