O.C.G.A.
O.C.G.A.

O.C.G.A. § 47-7-120 (2019)

Reduction of benefits upon determination that available moneys are insufficient; liability of members of the board for such reductions

✓ 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 the moneys provided by this chapter are not sufficient at any time to enable the board to pay each person his benefits in full under this chapter, then those persons entitled to benefits shall be paid an equal amount, which, in the opinion of the board, the fund may provide. In no such event shall the board or any member of the board be liable to any beneficiary for any deficiencies in payments under this chapter.

History

(Ga. L. 1955, p. 339, § 8; Ga. L. 1982, p. 3, § 47.)

Annotations

RESEARCH REFERENCES ALR. - Validity and effect of retroactive change in rate of employee’s contribution to public pension fund, 78 ALR2d 1197.