Georgia § 47-17-44 - Amount of dues; deadline and minimum period for payments; dues required for credit for service after March 1, 1951; dues required for prior service credit.

§ 47-17-44. Amount of dues; deadline and minimum period for payments; dues required for credit for service after March 1, 1951; dues required for prior service credit.

Beginning on July 1, 2020, and ending on June 30, 2021, each member shall pay monthly dues into the fund of $25.00. On and after July 1, 2021, each member shall pay monthly dues into the fund in an amount to be determined annually by the board that shall be at least $25.00, but shall not exceed $50.00. The base amount of monthly dues established pursuant to this paragraph shall apply uniformly to all members. The board shall determine the monthly dues amount based on: The recommendation of the actuary of the board; The maintenance of the actuarial soundness of the fund in accordance with the minimum funding standards provided in Code Section 47-20-10 or such higher standards as may be adopted by the board; and Such other factors as the board declares relevant. Each month's dues shall be paid not later than the tenth day of that month. Each member shall be required to pay such dues for a minimum period of ten years, or 15 years for individuals who became members on or after July 1, 2010, before being eligible to receive the retirement benefits under this chapter, provided that, if such member is eligible to retire under this chapter and so desires, such member may retire, and the board shall deduct such monthly amount from his or her retirement benefits until he or she has paid dues into the fund for a period of ten years or 15 years for individuals who became members on or after July 1, 2010. No member shall receive credit for any service performed after March 1, 1951, unless such member has paid into the fund the amount required for such service. Upon application of any peace officer who applies for membership and who owes dues for service since March 1, 1951, the board may allow and provide for periodic payments of such dues over a period of not more than 36 months immediately subsequent to the date of his or her acceptance as a member. Except as provided in subsection (d) of this Code section, any member of the fund who has not obtained creditable service for prior service pursuant to the provisions of subsection (a) of Code Section 47-17-70 may obtain such service by tendering to the board an amount equal to the dues at the rate of $20.00 per month plus 10 percent interest per annum compounded annually from the date the prior service was rendered to the date of payment for all years claimed as prior service; provided, however, that no member shall be allowed to purchase more than a total of five years of such creditable service; provided, further, however, that any member who becomes or again becomes a member of the fund on or after July 1, 1994, must have been an active member of the fund for five years or more to obtain the prior service credit provided for in this subsection. Any member of the fund who qualifies for membership under the definition contained in subparagraph (J) of paragraph (5) of Code Section 47-17-1 who has not obtained creditable service for prior service pursuant to the provisions of subsection (a) of Code Section 47-17-70 may obtain such service by tendering to the board an amount equal to the dues at the rate of $20.00 per month plus 10 percent interest per annum compounded annually from the date the prior service was rendered to the date of payment for all years claimed as prior service. (Ga. L. 1950, p. 50, § 9; Ga. L. 1951, p. 472, §§ 2, 3; Ga. L. 1953, Jan.-Feb. Sess., p. 574, § 1; Ga. L. 1956, p. 280, §§ 5, 7, 8; Ga. L. 1958, p. 341, §§ 2-4; Ga. L. 1962, p. 39, §§ 2-4; Ga. L. 1965, p. 593, §§ 1, 2; Ga. L. 1968, p. 536, § 1; Ga. L. 1969, p. 74, § 1; Ga. L. 1973, p. 63, § 2; Ga. L. 1974, p. 1201, § 1; Ga. L. 1978, p. 1921, § 1; Ga. L. 1984, p. 996, § 1; Ga. L. 1992, p. 1139, § 1; Ga. L. 1994, p. 320, § 3; Ga. L. 1994, p. 776, § 3; Ga. L. 1995, p. 27, § 1; Ga. L. 2003, p. 603, § 1; Ga. L. 2020, p. 581, § 2/SB 249.) The 2020 amendment, effective July 1, 2020, rewrote subsection (a), which read: "Each member shall pay into the fund as dues the sum of $20.00 per month. Each month's dues shall be paid not later than the tenth day of that month. Each member shall be required to pay such dues for a minimum period of ten years before being eligible to receive the retirement benefits under this chapter, provided that, if such member is eligible to retire under this chapter and so desires, such member may retire, and the board shall deduct such monthly amount from his or her retirement benefits until he or she has paid dues into the fund for a period of ten years." See Editor's notes for comment. Editor's notes. - Ga. L. 2020, p. 581, § 5/SB 249, provides: "This Act shall become effective on July 1, 2020, only if it is determined to have been concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the 'Public Retirement Systems Standards Law'; otherwise, this Act shall not become effective and shall be automatically repealed in its entirety on July 1, 2020, as required by subsection (a) of Code Section 47-20-50." However, the Act was not signed by the Governor until August 3, 2020. The State Auditor's determination letter on concurrent funding of fiscal retirement bills provided: "[I]t is unclear as to the effective date of this bill. Based on the information received by the Fund's actuary, Senate Bill 249 met the provisions for concurrent funding had it become effective on July 1, 2020." See the state auditor's report at Ga. L. 2020, p. 380A.