Ga. Comp. R. & Regs. R. 513-1-1-.05 - Post-Retirement Cost-of-Living Benefit Adjustment
(1)
"Post-retirement benefit adjustment" shall not include any increases in
member's retirement benefit associated with the type of optional form of
payment selected at retirement. Such adjustments shall not include changes to a
beneficiary's Supplemental Guaranteed Lifetime Income annuity.
(2) Annually, cost-of-living post-retirement
benefit adjustment(s) may be granted to each beneficiary who has surpassed the
later of their Retirement Date or Normal Retirement Date (as defined in the
Funding Policy) by at least twelve (12) months. The cost-of-living
post-retirement benefit adjustment may be granted to beneficiaries who are
receiving a disability allowance and have surpassed the later of their
Retirement Date or age forty-four (44) by at least twelve (12) months. Any
increase shall apply only to the current retirement allowance not in excess of
the Social Security wage base as established for that calendar year.
(3) An ad hoc post-retirement benefit
adjustment may be granted based upon provisions adopted by the Board of
Trustees and shall apply to the retirement allowance not in excess of the
Social Security wage base as established for that calendar year.
(4) Any increase in benefit shall become
effective only if the necessary appropriations/funds are available to maintain
the actuarial soundness of the System.
(5) A member who becomes or became a member
of this retirement system on or after July 1, 2009 shall not be entitled to
receive any post-retirement benefit adjustment.
Notes
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Current through Rules and Regulations filed through April 4, 2022
(1) "Post-retirement benefit adjustment" shall not include any increases in member's retirement benefit associated with the type of optional form of payment selected at retirement.
(2) Each January 1 and July 1, post-retirement benefit adjustment may be granted to each beneficiary who has attained age forty-five (45) and has been retired at least seven (7) months. The post-retirement benefit adjustment may be granted to beneficiaries who are receiving a disability allowance regardless of age. An increase not to exceed one and one-half percent (1.5%) may be made and shall apply only to the current retirement allowance not in excess of the Social Security wage base as established for that calendar year.
(3) An ad hoc benefit adjustment may be granted based upon provisions adopted by the Board of Trustees and shall apply to the retirement allowance not in excess of the Social Security wage base as established for that calendar year.
(4) Any increase in benefit shall become effective only if the necessary appropriations/funds are available to maintain the actuarial soundness of the System.
(5) A member who becomes or became a member of this retirement system on or after July 1, 2009 shall not be entitled to receive any post-retirement benefit adjustment.