Powers and Duties of the Board

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Judges of the Probate Courts Retirement Fund of Georgia
  5. Creation, Administration, and Management of the Assets of the Fund
  6. Powers and Duties of the Board

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  1. The board is granted the following powers and duties:
    1. To provide for the collection of all moneys provided in this chapter;
    2. To pay the administrative expenses of the board;
    3. To hear and decide all applications for retirement benefits under this chapter;
    4. To make payment of all retirement benefits that may be determined to be due under the terms of this chapter;
    5. To make all necessary rules and regulations, not inconsistent with the laws of the state, for its government and for the government of the employees of the board;
    6. To determine and fix rules of eligibility of persons to receive retirement benefits;
    7. To make refunds and repayments to persons who may be entitled to receive them; and
    8. To keep all records of its meetings.
  2. The board shall also have all powers necessary for the purpose of administering this chapter.
    1. Subject to the terms and limitations of this subsection, the board of commissioners is authorized to adopt from time to time a method or methods of providing for increases in the maximum monthly retirement benefit payable under Article 5 of this chapter for persons theretofore or thereafter retiring under this chapter.Such method shall be based upon:
      1. The recommendation of the actuary of the board of commissioners;
      2. The maintenance of the actuarial soundness of the fund in accordance with the standards provided in Code Section 47-20-10 or such higher standards as may be adopted by the board; and
      3. Such other factors as the board deems relevant.

        Any such increase may be uniform or may vary in accordance with the time of retirement, length of service, age, nature of the retirement, or such other factors as the board of commissioners shall determine.

    2. Any provision of paragraph (1) of this subsection to the contrary notwithstanding, no benefit increase shall be awarded under this subsection greater than 1.5 percent in any six-month period.

(Ga. L. 1958, p. 185, § 4; Ga. L. 1993, p. 801, § 1; Ga. L. 1994, p. 92, § 1; Ga. L. 2010, p. 1207, §§ 64, 66/SB 436; Ga. L. 2014, p. 179, § 2/HB 601.)

The 2010 amendment, effective July 1, 2010, substituted "board of commissioners" for "board of trustees" three times in paragraph (c)(1) and substituted "Code Section 47-11-71 receive" for "Code Section 47-11-71 receives" near the end of paragraph (c)(2).

The 2014 amendment, effective July 1, 2014, substituted the present provisions of paragraph (c)(2) for the former provisions, which read: "Any provision of paragraph (1) of this subsection to the contrary notwithstanding, no member who receives an annual cost-of-living benefit increase pursuant to subsection (e) of Code Section 47-11-71 shall receive a benefit increase under this subsection greater than 1 percent of the maximum monthly benefit then in effect; provided, however, that no such member shall receive any such increase unless the members not entitled to a benefit increase under subsection (e) of Code Section 47-11-71 receive a like amount plus an additional increase of 2 percent of the maximum benefit then in effect; provided, further, that no benefit increase shall be awarded under this subsection greater than 1.5 percent in any six-month period."

Editor's notes.

- Ga. L. 2010, p. 1207, § 1, not codified by the General Assembly, provides that: "The intent of this Act is to repeal obsolete and inoperative provisions and to make certain stylistic corrections in Title 47 of the Official Code of Georgia Annotated. Nothing in this Act shall deny, abridge, increase, renew, revive, or on any way affect any right, benefit, option, credit, or election to which any person was entitled pursuant to such title on June 30, 2010, and the board of trustees of each public retirement system is authorized and directed to provide by regulation for the continuation of any such right, benefit, option, credit, or election not otherwise covered in this Act; provided, however, that any such right, benefit, option, credit, or election shall be subject to the statutory provisions in effect on June 30, 2010."

Ga. L. 2010, p. 1207, § 67, not codified by the General Assembly, provides that: "In the event of an irreconcilable conflict between a provision of Sections 62 through 64 of this Act and a provision of another Act enacted at the 2010 regular session of the General Assembly, the provision of such other Act shall control over this Act to the extent of the conflict."

RESEARCH REFERENCES

Am. Jur. 2d.

- 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1244.

C.J.S.

- 70 C.J.S., Pensions, §§ 10, 12 et seq., 15, 17.


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