Ga. Comp. R. & Regs. R. 513-7-1-.17 - Conversions Under Section 47-7-100(d)(3) on Death or Divorceor Remarriage
(1) Purpose of
Rule. This rule implements Code Section ยง
47-7-100(d)(3)
concerning conversions of a Joint and Survivor benefit to a retiree lifetime
benefit following death of or divorce from a spouse and conversion of a retiree
lifetime benefit to a Joint and Survivor benefit upon a subsequent remarriage.
This rule prescribes the manner in which the calculation of resulting benefits
is to be made.
(2) Death or
Divorce.
(a) If a member has elected Option
A, the "Joint and Survivor" benefit and following retirement the spouse dies or
the member and the member's spouse are divorced, a member may convert the
retirement benefit to a "Regular Retirement" benefit.
(b) The amount of the retiree lifetime
benefit in that case will be calculated as of the time the application to
revoke the Option A benefit is received by the Board in proper form. Payments
shall commence effective the first day of the month immediately following the
Board's approval. There is no payment of retiree lifetime benefits for any
period prior to the time the revocation is approved by the Board.
(c) The amount of the benefit will be
calculated based on:
1.The member's age at
the time of the member's retirement;
2.The maximum monthly retirement benefit at
the time of the member's retirement; and
3.All lump sum or percentage increases in
that maximum monthly retirement benefit which have been made by action of the
General Assembly, or by action of the Board since the date of the member's
original retirement date.
(3) Remarriage.
(a) If after retirement, a member has
previously revoked an Option A benefit because of the death of, or divorce from
the designated spouse and converted the benefit to a retireelifetime benefit,
and the member then remarries, the member may then elect an Option A benefit
for the member and the member's new spouse.
(b) The amount of the Option A benefit
payable to the member during the member's lifetime and payable to the spouse
upon the death of the member shall be calculated from the time the application
to elect Option A benefit is received by the Pension Fund in proper form.
Payments shall commence effective on the first day of the month immediately
following the Board's approval. The calculation of the Option A benefit shall
be based on both the member's and new spouse's ages at the time the completed
application for the Option A benefit is received by the Pension Fund.
(c) The calculation of the Option A benefit
is also based on:
1.The maximum benefit in
effect at the time of the member's original retirement; and
2.All lump sum of percentage increases in
that maximum monthly retirement benefit which have been made by action of the
General Assembly or by action of the Boardsince the date of the member's
original retirement date. For purposes of simplicity, the calculation shall be
made as if the member and the member's new spouse, at each of their ages at the
time the application is received by the Pension Fund in proper form, were
retired at the date of the member's original retirement, and adjustments to the
lifetime and survivor benefits had been made since that time. However, there is
no payment of benefits socalculated for any period prior to the time the
application for the Option A benefit is approved by the Board. Any benefit
change of this nature shall be effective on the firstday of the month
immediately following board approval.
Notes
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