Georgia Code
Article 3 - Employee and Employer Contributions and Creation of Funds for Contributions, Benefits, and Administrative Expenses
§ 47-2-51. Annuity Savings Fund and Employee Contributions; Deductions; Effect of Default With Respect to Employer Contributions; Payments, Withdrawal, or Transfer of Funds

History. Ga. L. 1949, p. 138, § 8; Ga. L. 1973, p. 900, § 3; Ga. L. 2000, p. 131, § 1; Ga. L. 2019, p. 783, § 1/SB 55.
The 2019 amendment, effective July 1, 2019, in paragraph (a)(3), substituted “amounts that were previously withdrawn from it under this chapter; and” for “amounts that he previously withdrew from it under this chapter; or, subject to such approval and conditions, any member may deposit therein, by a single payment or by an increased rate of contribution, an amount computed to be sufficient to purchase an additional annuity which, together with his prospective retirement allowance, will provide for him a total retirement allowance of not more than one-half of his average final compensation, provided that for this purpose a member shall be deemed to have retired at age 65 and amounts earned after reaching that age shall not be included in average final compensation. Such additional amounts so deposited shall become a part of the member’s accumulated contributions, provided that upon retirement they shall be treated as excess contributions returnable to the member as an annuity of equivalent actuarial value and shall not be considered in computing the pension; and”.

Structure Georgia Code

Georgia Code

Title 47 - Retirement and Pensions

Chapter 2 - Employees’ Retirement System of Georgia

Article 3 - Employee and Employer Contributions and Creation of Funds for Contributions, Benefits, and Administrative Expenses

§ 47-2-50. Funds in Which Assets of the Retirement System to Be Held

§ 47-2-51. Annuity Savings Fund and Employee Contributions; Deductions; Effect of Default With Respect to Employer Contributions; Payments, Withdrawal, or Transfer of Funds

§ 47-2-51.1. Supplemental Guaranteed Lifetime Income Annuities

§ 47-2-52. Employer’s Duty to Deduct and Report Employee Contributions; Duty of Chief Fiscal Officer to Remit Employee Contributions; Effect of Failure to Comply

§ 47-2-53. Effect of Failure of Any Employee, Employer, or Reporting Official to Make Contributions or to Make Reports With Respect to Employment and Membership

§ 47-2-54. Payment of State Employee Contributions on Behalf of Employees; Inclusion of Contributions in Compensation for Determining Benefits; Adjustment in Compensation of State Employees; “Pick-Up” Contributions

§ 47-2-55. Pension Accumulation Fund; Purposes; Employer Contributions; Crediting of Interest and Dividends Earned on Funds of the Retirement System

§ 47-2-56. Maintenance of Annuity and Pension Reserves and Payment of Benefits Under This Chapter as Obligations of the Pension Accumulation Fund; Permissible Uses of Assets of the Fund

§ 47-2-57. Certification of Normal Cost and Unfunded Accrued Liability Contribution Rates to Employers; Provision in Employer’s Budget for Employer Contributions

§ 47-2-59. Effective Date of Chapter; Effect of Budget Appropriations on Obligation of State Agency or Other Employer to Make Contributions

§ 47-2-60. Expense Fund; Purposes