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2018 Georgia Code 47-4-102 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 47-4-102 Case Law from Google Scholar Amendments to OCGA 47-4-102

TITLE 47 RETIREMENT AND PENSIONS

Section 4. Public School Employees Retirement System, 47-4-1 through 47-4-121.

ARTICLE 6 RETIREMENT, RETIREMENT ALLOWANCES, AND DISABILITY BENEFITS

47-4-102. Optional retirement benefits.

  1. At any time prior to his retirement a member may elect or may revoke a previous election and make a new election to have his retirement benefit payable under one of the options set forth in subsections (c) and (d) of this Code section in lieu of the lifetime income he is otherwise entitled to receive. The benefit shall be paid in accordance with the terms of such option elected. Election of any option shall be made by the member in writing and shall be subject to approval by the board.
  2. The amount of any optional retirement benefit set forth in this Code section shall be the actuarial equivalent of the amount of benefit that would otherwise be payable to the member under Code Section 47-4-101.
  3. Option A, the joint and survivor option, shall consist of a decreased retirement benefit which shall be payable to the member for life and shall continue after his death to the surviving joint annuitant in the same amount or in such smaller amount as he may designate. The election of this option shall be null and void if either the member or his joint annuitant dies before his normal retirement date.
  4. Option B, the period certain and life option, shall consist of a decreased retirement benefit commencing on the date of retirement and payable on the first day of each month during the lifetime of the member, provided that if the member dies prior to having received the elected number of guaranteed monthly retirement payments, such remaining guaranteed payments shall continue to his designated beneficiary.
  5. Any other provisions of this Code section or of this chapter to the contrary notwithstanding, the board of trustees may, by rule or regulation, require that when a member or a retired member dies and the beneficiary is a person other than the surviving spouse of the member, the benefits payable to the beneficiary shall be paid to the beneficiary within a definite time period immediately following the death of the member or retired member.
    1. As used in this subsection, the term "retired member" means a person retired under this chapter who was unmarried at the time of his or her retirement.
    2. In the event a retired member marries subsequent to his or her retirement, the retired member may elect to begin receiving an actuarially reduced benefit of equivalent value and establish on behalf of the spouse Option A or B. Such election must be made by December 31, 1998, or within six months after the date of marriage, whichever date is later.
    3. This subsection applies to retired members who retired at any time prior to July 1, 1998, as well as to those who retire on or after that date.

(Ga. L. 1969, p. 998, § 8; Ga. L. 1973, p. 1197, § 8; Ga. L. 1984, p. 810, § 3; Ga. L. 1998, p. 542, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1228.

C.J.S.

- 67 C.J.S., Officers and Public Employees, § 314 et seq. 78 C.J.S., Schools and School Districts, § 264 et seq.

Cases Citing O.C.G.A. § 47-4-102

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Ayers v. Pub. Sch. Employees Ret. Sys. of Georgia, 294 Ga. 827 (Ga. 2014).

Cited 2 times | Published | Supreme Court of Georgia | Mar 17, 2014 | 756 S.E.2d 538, 303 Educ. L. Rep. 612, 2014 Fulton County D. Rep. 518

...“Second Beneficiary.” In March 1982, Mrs. Ayers requested information on her retirement benefit payment options, and PSERS sent her an explanation sheet summarizing the three options set forth in the governing statutes, OCGA §§ 47-4-101 and 47-4-102. Mrs....
...that the provisions of the Act relied on in this opinion have not changed over time in a way that affects Appellant’s claims. 7 funds [provided for in this chapter] in accordance with this chapter.”), 47-4-102 (a) (“The benefit shall be paid in accordance with the terms of such option elected [by the employee].”)....
...delayed effective date of retirement and which shall be payable on the first day of each month thereafter during [her] lifetime.” The amount of the monthly retirement benefit is a dollar figure multiplied by the number of years of creditable service. See OCGA § 47-4-102 (c). An employee receives the maximum possible monthly benefit under OCGA § 47-4-101, but those payments end when the employee dies; there is no provision for ongoing payments to any other person. OCGA § 47-4-102 is titled “Optional retirement benefits.” Subsection (a) allows a PSERS member to elect, at any time prior to retirement, a “joint and survivor option” or a “period certain and life option,” instead of the higher monthly payments for the employee’s lifetime alone under OCGA § 47-4-101. Subsections (c) and (d) of OCGA § 47-4-102 explain these two options as follows: (c) Option A, the joint and survivor option, shall consist of a 9 decreased retirement benefit which shall be payable to the member f...
...ngular, as “the person designated to receive benefits payable on the death of a member, as provided in Option A” (emphasis added), and Option A makes no provision for multiple and successive joint annuitants. Moreover, subsection (b) of OCGA § 47-4-102 specifies that “[t]he amount of any optional retirement benefit set forth in this Code section shall be the actuarial equivalent of the amount of benefit that would otherwise be payable to the member under Code Section 47-4-101.” A...