O.C.G.A.

O.C.G.A. § 47-3-128 (2019)

Payment of accumulated contributions upon request after termination of membership; payment of taxable portion to eligible retirement plan

✓ 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 a person’s membership ceases other than by death or retirement from this retirement system, the amount of his or her accumulated contributions to this retirement system shall be payable to the member upon such person’s request after the date the person has terminated employment with a school system, institution of higher learning, or agency covered by this retirement system. The board of trustees shall allow a person requesting such payment of accumulated contributions to elect to have the taxable portion of such payment made directly to an eligible retirement plan as defined in the federal Internal Revenue Code.

History

(Ga. L. 1943, p. 640, § 5; Ga. L. 1964, p. 669, § 2; Ga. L. 1966, p. 513, § 3; Ga. L. 1969, p. 388, § 3; Ga. L. 1971, p. 620, § 2; Ga. L. 1993, p. 732, § 1; Ga. L. 2005, p. 535, § 15/HB 460.)

Annotations

OPINIONS OF THE ATTORNEY GENERAL Cannot withdraw contributions upon employment with local retirement fund. - Member may not withdraw contributions upon entering employment of employer operating a local retirement fund. 1970 Op. Att’y Gen. No. 70-80. Teachers with out-of-state credit may, upon reemployment, reestablish credit. - Teachers who establish out-of-state service

credit and subsequently withdraw from the retirement system may, upon reemployment as teachers in Georgia, reestablish such service credit by paying into the system the amount of the withdrawn contributions, plus interest. 1973 Op. Att’y Gen. No. 73-45.