This text of Georgia § 47-2-101 (Creditable service for prior service as member of Georgia Defined Contribution Plan) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)A member who was a member of the Georgia Defined Contribution Plan created by Chapter 22 of this title immediately prior to becoming a member of this retirement system shall be entitled to obtain creditable service in this retirement system for all such prior service with such Georgia Defined Contribution Plan employer.
(b)To obtain the creditable service established by subsection (a) of this Code section, a member shall:
(1)Accrue at least five years of membership in this retirement system;
(2)Apply to the board of trustees while a contributing member of the retirement system in a manner to be prescribed by the board of trustees;
(3)Provide proof of such prior service as a Georgia Defined Contribution Plan member as the board of trustees deems necessary;
(4)Authorize the transfer
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(a) A member who was a member of the Georgia Defined Contribution Plan created by Chapter 22 of this title immediately prior to becoming a member of this retirement system shall be entitled to obtain creditable service in this retirement system for all such prior service with such Georgia Defined Contribution Plan employer. (b) To obtain the creditable service established by subsection (a) of this Code section, a member shall: (1) Accrue at least five years of membership in this retirement system; (2) Apply to the board of trustees while a contributing member of the retirement system in a manner to be prescribed by the board of trustees; (3) Provide proof of such prior service as a Georgia Defined Contribution Plan member as the board of trustees deems necessary; (4) Authorize the transfer of all funds from his or her Georgia Defined Contribution Plan account related to the prior service for which creditable service is sought; and (5) Pay to the board of trustees an amount determined by the board of trustees to be sufficient to cover the full actuarial cost of granting the creditable service allowed by this Code section after accounting for any transfer under paragraph (4) of this subsection. (c) Following its approval of an application for creditable service pursuant to this Code section, the board of trustees shall certify to the applicant the amount of the payment to the retirement system required to earn creditable service allowed. (d) A member may make a one-time payment of the full amount established by the board of trustees under subsection (c) of this Code section within 90 days and thereafter receive such creditable service to which he or she is entitled or may elect to participate in a payment plan pursuant to subsection (e) of this Code section. (e) (1) (A) A member may elect to make equal monthly payments to be deducted from such member's earnable compensation over a period of 12, 24, 36, 48, 60, or 120 months to be paid according to a schedule established by the board of trustees, which amortizes the full actuarial cost of obtaining the creditable service, over the elected period of time based on the retirement system's most recent valuation assumptions. Such schedule shall include a present accounting of the full amount necessary to complete the payments. (B) Once a member makes an election for an eligible period of time, he or she shall not be permitted to change such election. (2) At any time prior to retirement, a contributing member may make a one-time payment of the full amount necessary to complete the payments owed pursuant to the schedule established by the board of trustees pursuant to paragraph (1) of this subsection. (3) Upon application for retirement, a member may make a one-time payment to the retirement system of the remaining amount owed pursuant to paragraph (1) of this subsection and shall be awarded such creditable service to which he or she is entitled. (4) Upon retirement, if a member has not paid an amount constituting the full actuarial cost as amortized, he or she shall only be awarded only as many months of creditable service on a whole month, pro rata basis as determined by the board of trustees from the original amortized payment schedule elected under paragraph (1) of this subsection as have been paid for in full. (5) Within 30 days of a member ceasing to be an employee for a reason other than death or retirement such individual shall make a one-time payment to the retirement system of the remaining amount necessary to complete the payments owed in accordance with the schedule established pursuant to paragraph (1) of this subsection and be awarded such creditable service to which he or she is entitled. If he or she does not make such payment, the board of trustees shall issue to such individual a refund of payments made pursuant to this subsection, and he or she shall forfeit the related creditable service; provided, however, that if the individual is a vested member of the retirement system, he or she shall be awarded such creditable service allowed pursuant to paragraph (4) of this subsection. Such individual may reapply for the creditable service sought if eligible and in accordance with this Code section. (6) Within 30 days of a member defaulting by failing to make his or her complete monthly payment in accordance with the schedule established pursuant to paragraph (1) of this subsection such individual shall make a one-time payment to the retirement system of the remaining amount necessary to complete the payments owed in accordance with the schedule established pursuant to paragraph (1) of this subsection and be awarded such creditable service to which he or she is entitled. If he or she does not make such payment, the board of trustees shall issue to such individual a refund of payments made pursuant to this subsection, and he or she shall forfeit the related creditable service. Such individual may reapply for the creditable service sought if eligible and in accordance with this Code section.