O.C.G.A.

O.C.G.A. § 47-3-126 (2019)

Postretirement benefit adjustments

✓ 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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The board of trustees is authorized to adopt a method of providing postretirement benefit adjustments for a beneficiary in his postretirement years. Such method of adjustment may result in the adoption by the board of trustees of a method of financing other than that described in paragraphs (1) through (3) of Code Section 47-3-43 and shall be based upon:

(1) Recommendation of the actuaries for the board of trustees; and

(2) Maintaining the actuarial soundness of the system. The board of trustees may specify a minimum age which a beneficiary must have attained in order to be eligible for the postretirement benefit adjustment.

History

(Ga. L. 1969, p. 391, § 1; Ga. L. 1971, p. 573, § 1; Ga. L. 1975, p. 1601, § 1; Ga. L. 1977, p. 1011, § 1.)

Annotations

OPINIONS OF THE ATTORNEY GENERAL

Appropriations Act cannot place ceiling on adjustment. - General Assembly cannot, solely through language in an appropriations Act (see Ga. Const. 1983, Art. III, Sec. IX, Para. IV), place a ceiling or limit on the amount of a cost-of-living increase granted

to a retiree of the Employees’ Retirement System or Teachers Retirement System; such increases may be granted retroactively to January 1, 1984. 1984 Op. Att’y Gen. No. 84-19.