Ga. Comp. R. & Regs. R. 513-7-1-.16 - Increases in Monthly Retirement and Disability Benefits

Unless this rule shall be properly amended, any increases in benefits authorized by the Board of Trustees under O.C.G.A. Section § 47-7-27by resolution shall be applied as follows: The maximum monthly retirement benefit and the maximum monthly disability benefit of those members who have theretofore retired or who thereafter retire under O.C.G.A. Section § 47-7-100 and Section § 47-7-102, respectively, shall be increased by an amount equal to the percentage increase authorized by Board resolution applied to the maximum monthly benefit in effect on the date of such member's retirement. In the case of retirement benefits theretofore elected or thereafter elected under Option A, "Joint and Survivor," or Option B,"Ten year Certain and Life." of Section § 47-7-100, the percentage increase shall be applied to the maximum monthly retirement benefit to which such option was or is thereafter applied.

Notes

Ga. Comp. R. & Regs. R. 513-7-1-.16

O.C.G.A. Sec. 47-7-23.

Original Rule entitled "Examination of Records Relating to Tax on Insurance Premiums" adopted. F. Sept. 3, 1986; eff. Sept. 23, 1986. Amended: F. Aug. 22, 1994; eff. Sept. 11, 1994. Amended: F. Dec. 29, 1999; eff. Jan. 18, 2000. Amended: Rule reserved. F. Feb. 5, 2001; eff. Feb. 25, 2001. Amended: New Rule entitled "Examination of Records Relating to Tax on Insurance Premiums" adopted. F. Aug. 20, 2009; eff. Sept. 9, 2009. Repealed: New Rule entitled "Increases in Monthly Retirement and Disability Benefits" adopted. F. Aug. 10, 2015; eff. Aug. 30, 2015.