Georgia § 47-25-81 - Amount of benefit.

§ 47-25-81. Amount of benefit.

Any member who is approved for retirement benefits as provided in Code Section 47-25-80 shall be paid a monthly sum equal to 4 percent of his or her average final monthly compensation for each year served by the member up to, but not exceeding, a total of 20 years; provided, however, that the final annual compensation used for calculating a benefit under this Code section shall not exceed $42,781.22 or the amount fixed in the following schedule according to county population, whichever amount is higher: The board of commissioners is authorized to adopt from time to time a method or methods of providing for increases in the maximum final monthly compensation used for calculating a benefit as provided in this Code section. Such method or methods shall be based upon: The recommendation of the actuary of the board of commissioners; The maintenance of the actuarial soundness of the fund in accordance with the 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 deems relevant; provided, however, that any such increase shall be uniform and shall apply equally to all members of this retirement system. No time for which dues have not been paid in accordance with Code Section 47-25-41 shall be considered in determining the number of years of service. (Code 1981, § 47-25-81 , enacted by Ga. L. 2006, p. 246, § 1/SB 244; Ga. L. 2010, p. 1207, § 66/SB 436; Ga. L. 2014, p. 701, § 4/HB 292.) Population Maximum Average Final Monthly Expenses ---------- -------------- 500,000 or more $ 7,247.87 400,000 - 499,999 6,975.70 300,000 - 399,999 6,703.53 250,000 - 299,999 6,072.65 200,000 - 249,999 5,594.17 150,000 - 199,999 5,132.49 100,000 - 149,999 4,797.70 75,000 - 99,999 4,490.76 50,000 - 74,999 4,183.47 39,000 - 49,999 3,732.53 29,000 - 38,999 3,512.80 20,000 - 28,999 3,293.34 11,890 - 19,999 3,073.88 6,000 - 11,889 2,713.53 0 - 5,999 1,975.98 The 2010 amendment, effective July 1, 2010, substituted "board of commissioners" for "board of trustees" in the first sentence of the introductory paragraph and at the end of paragraph (1). The 2014 amendment, effective July 1, 2014, designated the existing provisions of the first paragraph of this Code section as subsections (a) and (b); in subsection (a), substituted "$42,781.22 or the amount fixed in the following schedule according to county population, whichever amount is higher" for "$33,772.20; provided, further, that the", and added the population table. 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."