TITLE 47 RETIREMENT AND PENSIONS

Section 2. Employees' Retirement System of Georgia, 47-2-1 through 47-2-360.

ARTICLE 10 GEORGIA STATE EMPLOYEES' PENSION AND SAVINGS PLAN

47-2-353. Service retirement allowance.

Every member subject to this article shall, upon becoming eligible under the provisions of this chapter, be entitled to a service retirement allowance, which shall consist of:

1. An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement; and
2. A monthly pension which, together with the annuity, shall provide a total retirement allowance equal to 1 percent, or such future amount up to 2 percent to be set by the board of trustees in direct relation to any increased appropriations provided by the General Assembly expressly for such increase, of the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system, multiplied by the number of the member's years of creditable service; provided, however, that for members employed on or after July 1, 2009, no salary increase by adjustment in compensation in any manner during the last 12 months, which increase is in excess of 5 percent, shall be included in such computation.

(Code 1981, §47-2-353, enacted by Ga. L. 2008, p. 1005, § 1/SB 328; Ga. L. 2009, p. 322, § 5/HB 476.)

The 2009 amendment, effective July 1, 2009, in paragraph (2), substituted "1 percent" for "1.0 percent" near the beginning and added the proviso at the end.