Increases in Maximum Monthly Benefit Payable Under Article 6 of This Chapter

  1. Law
  2. Georgia Code
  3. Retirement and Pensions
  4. Sheriffs' Retirement Fund of Georgia
  5. Creation, Administration, and Management of the Assets of the Fund
  6. Increases in Maximum Monthly Benefit Payable Under Article 6 of This Chapter

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  1. Subject to the terms and limitations of this Code section, 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 6 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. An initial increase may be granted pursuant to subsection (a) of this Code section to become effective on July 1, 1993, not to exceed 3 percent of the maximum monthly retirement benefit then in effect.Thereafter, such increases may be authorized effective as of January 1 and July 1 of each year; provided, however, that no such increase shall exceed 1 1/2 percent of the maximum monthly retirement benefit then in effect.
  3. No increase shall be made pursuant to subsection (a) of this Code section to become effective within six months of the effective date of any increase in the maximum retirement benefit granted by the General Assembly through amendment of Code Section 47-16-101.

(Code 1981, §47-16-29, enacted by Ga. L. 1993, p. 608, § 1; Ga. L. 2010, p. 1207, § 66/SB 436.)

The 2010 amendment, effective July 1, 2010, substituted "board of commissioners" for "board of trustees" three times in subsection (a).

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."

ARTICLE 3 MEMBERSHIP IN AND CONTRIBUTIONS TO THE FUND


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