Georgia § 47-2-28 - Simplified tables for estimation of retirement allowances; effect on existing rights and benefits; formula for calculating service retirement allowances.

§ 47-2-28. Simplified tables for estimation of retirement allowances; effect on existing rights and benefits; formula for calculating service retirement allowances.

On and after April 1, 1964, the board of trustees is authorized to adopt simplified benefit tables which will enable a member to estimate his or her retirement allowances. Such tables shall (1) be based on an actuarial study, (2) maintain the actuarial soundness of the retirement system, (3) for those members retiring on and after April 1, 1968, be applied to the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system, and (4) be applicable to all members, provided that the application of such tables shall not reduce or impair the amount of any allowances or benefits to which any person who was a member on April 1, 1964, would have been entitled at that time or would be entitled at any time thereafter under tables or calculations which were in effect at that time or at any time prior thereto or at any time prior to the adoption of such simplified benefit tables. The regular service retirement allowance payable to a member pursuant to the provisions of this chapter, prior to the application of any minimum benefit formula otherwise provided under this chapter, shall be determined pursuant to the formula adopted from time to time by the board of trustees for such purpose. Such formula shall be uniformly applicable to all members similarly situated. The board of trustees may establish rules and administrative procedures uniformly applicable to all members similarly situated relating to the calculation of such service retirement allowance. (Ga. L. 1949, p. 138, § 6; Ga. L. 1959, p. 107, § 6; Ga. L. 1964, p. 119, § 1; Ga. L. 1968, p. 1356, § 4; Ga. L. 1998, p. 1104, § 1; Ga. L. 2005, p. 535, § 5/HB 460; Ga. L. 2010, p. 1207, § 4/SB 436.) The 2010 amendment, effective July 1, 2010, deleted former subsection (a), which read: "Any other law to the contrary notwithstanding, the board of trustees, for the purpose of administering the social security program, may, with due regard for the actuarial soundness of the retirement system and after an actuarial investigation into its benefit structure, adopt such tables, calculations, and compensation and deduction schedules as it shall deem desirable in connection with the proper operation of the retirement system. All tables, calculations, and compensation and deduction schedules adopted under this Code section shall be based on final monthly earnings, which shall mean monthly earnable compensation as reflected by monthly contributions during employment, except that no salary increase by adjustment in compensation in any manner during the last 12 months, which increase is in excess of 10 percent, shall be included. Such tables and calculations as may be adopted shall not diminish or impair the amount of any allowances or benefits which would have been payable to the member by use of tables or calculations that were in effect on January 1, 1959. The board of trustees may also, from time to time, establish rules and regulations for the administration of the funds created under this chapter and for the transaction of its business."; and redesignated former subsections (b) and (c) as present subsections (a) and (b), respectively. Editor's notes. - Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."