Georgia Code
Article 7 - Retirement Allowances, Disability Benefits, and Spouses’ Benefits
§ 47-3-121. Optional Retirement Allowances; Election of Such Options; Revocation of Election; Effect of Divorce

(e.1) Option five shall consist of a reduced retirement allowance together with a partial lump sum distribution. This option may be elected by any retiring member including members electing another optional allowance under this Code section except that this option shall not be available to members retiring pursuant to Code Section 47-3-122 or members subject to the requirements of subsection (b) of Code Section 47-3-120. The amount of the lump sum distribution under this subsection may not exceed the sum of 36 months of the monthly retirement allowance the retiring member would have received had he or she not elected the partial lump sum option. The partial lump sum distribution will be made as a single payment payable at the time the first monthly retirement allowance is paid to the retired member.
This subsection shall apply to final judgments received by the retirement system on or after July 1, 2008. Any adjustments shall be effective on the first day of the month following the receipt of the final judgment by the retirement system. In no event shall any adjustment be made effective retroactively.
History. Ga. L. 1943, p. 640, § 5; Ga. L. 1977, p. 841, § 1; Ga. L. 1981, p. 1894, § 5; Ga. L. 1984, p. 810, § 2; Ga. L. 1992, p. 1554, § 1; Ga. L. 1993, p. 86, § 1; Ga. L. 1998, p. 175, § 1; Ga. L. 2004, p. 589, §§ 1, 2, 3; Ga. L. 2008, p. 144, § 1/HB 656.
The 2008 amendment, effective July 1, 2008, added subsection (l).
Cross references.
Revocation of election of benefits for public employees upon divorce, § 47-3-121 .

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