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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