Georgia Code
Article 3 - Retirement Plans
§ 47-5-47. Return of Contributions to Employee or Employee’s Estate

Except as otherwise provided with respect to the provision of death benefits under a plan, plans providing for retirement benefits established under this chapter shall provide that mandatory contributions made by a participating employee shall be returned to such employee’s surviving spouse or to the estate of the participant or the participant’s pre-retirement beneficiary in the event of death before retirement. If the employee is separated from employment prior to the time he or she is eligible for retirement benefits, such contributions shall be returned unless the employee chooses to claim his or her vested benefits, in which case the employee contributions shall remain with the fund until such time as the employee becomes eligible for the vested benefits. Such contributions may be returned without interest or with such interest as is provided in the plan.
History. Code 1981, § 47-5-47 , enacted by Ga. L. 1984, p. 1041, § 11; Ga. L. 2015, p. 898, § 4/HB 266.
The 2015 amendment, effective July 1, 2015, substituted “Except as otherwise provided with respect to the provision of death benefits under a plan, plans” for “Plans” at the beginning of this Code section; substituted “employee’s surviving spouse or to the estate of the participant or the participant’s pre-retirement beneficiary” for “employee or his estate” near the middle of this Code section; and near the end of this Code section, substituted “he or she is eligible” for “he is eligible” and substituted “his or her vested benefits” for “his vested benefits”.

Structure Georgia Code