O.C.G.A.

O.C.G.A. § 47-11-90 (2019)

Effect of insufficiency of funds on payment of retirement benefits; liability of board for such insufficiencies

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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If the board determines that the funds derived from the sources provided for in this chapter are not actuarially sufficient at any time to enable the board to pay in full each person determined to be entitled to the benefits provided for, plus all contingent and other liabilities, then a prorated percentage of such payments shall be made to each person entitled thereto until the funds shall be replenished actuarially sufficiently to enable the board to resume such payments in accordance with the terms of this chapter. In no event shall the board or any member thereof be liable to any person for any deficiency in payments made under this Code section.

History

(Ga. L. 1958, p. 185, § 12; Ga. L. 1959, p. 354, § 5.)

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1228 et seq.

C.J.S. - 70 C.J.S., Pensions, § 8.