O.C.G.A.

O.C.G.A. § 47-2-122 (2019)

Vesting of rights to a retirement allowance despite early retirement; retirement allowance payable to such persons

✓ 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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Except as provided in Article 2 of Chapter 1 of this title, a member’s accumulated contributions shall be 100 percent vested and nonforfeitable at all times. The right to a service retirement allowance under this chapter shall vest in any member who withdraws from service with at least ten years of membership service subsequent to January 1, 1954, although the member has not yet attained 60 years of age, provided that the member has not withdrawn the member’s contributions. Such member shall become entitled to a service retirement allowance (1) upon filing an application as provided in Code Section 47-2-110 and (2) upon attaining the age of 60 or, at the member’s option, at any time subsequent thereto after filing such application. The retirement allowance in the case of any such member shall be the monthly amount the member would have received had the member retired on the last day the member contributed to the retirement system and at that time had been the same age as when the member actually retired. If a member with vested rights dies before reaching age 60, the member’s accumulated contributions shall be paid to the member’s named living beneficiary, otherwise to the member’s estate.

History

(Ga. L. 1951, p. 394,

§ 8; Ga. L. 1963, p. 42, § 2; Ga. L. 1972, p. 360, § 4; Ga. L. 2009, p. 947, § 19/HB 202.)

Annotations

OPINIONS OF THE ATTORNEY GENERAL Application of ‘‘95% rule’’ to vesting provisions contained in O.C.G.A. § 47-2-124 to the vesting provisions of O.C.G.A. § 47-2-122 should be resolved by the Board of Trustees

of the Employees Retirement System in light of the possible conflict with existing policies. 1992 Op. Att’y Gen. No. 92-24.

Notes of Decisions

Cited in 1 case, 1996–1996 · leading case: State v. Hudgins, 469 S.E.2d 363 (Ga. Ct. App. 1996).

Sort: Relevance Newest Treatment

State v. Hudgins, 469 S.E.2d 363 (Ga. Ct. App. 1996). · cites it 2× “Accordingly, at the time Hudgins was purportedly terminated in June 1990, he had been an ERS member for more than ten years (see OCGA § 47-2-122), he had first become a member prior to March 31, 1972 (see OCGA § 47-2-123 (a)), and he had reached the age of sixty (see OCGA §…”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.