Rule 513-5-1-.17 - Option 4 Plan of Retirement(1) Any member may select an optional plan of retirement under Ga. Laws, Code Section 47-3-121(e)provided the reduced retirement allowance so selected does not reduce the member's benefits by more than fifty percent (50%) of the maximum benefits as provided in Ga. Laws, Code Section 47-3-120 or 47-3-122 as applicable or increase the member's benefits to an amount greater than the maximum benefits as provided by Ga. Laws, Code Section 47-3-120 or 47-3-122 as applicable.(2) Any member may elect a reduced retirement allowance under Option Four (4) as provided in Ga. Laws, Code Section 47-3-121(e) to be designated "Option 2 Pop-Up" with the provision that after his or her death, the reduced retirement allowance shall be continued throughout the life of and paid to the one person nominated by him or her by written designation duly executed and filed with the Board of Trustees at the time of his or her retirement and if the one person so nominated dies prior to the retiree that the basic benefits payable to the retiree shall be increased to an amount as though the retiree had not selected an optional benefit plan of retirement. The benefits of a member selecting this option shall be the actuarial equivalent of the basic benefits provided under Ga. Laws, Code Section 47-3-120 or 47-3-122 as applicable.(3) Any member may elect a reduced retirement allowance under Option Four (4) as provided by Ga. Laws, Code Section 47-3-120(e) to be designated "Option 3 Pop-Up" with the provision that after his or her death, one-half of the reduced retirement allowance shall be continued throughout the life of and paid to the one person nominated by him or her by written designation duly executed and filed with the Board of Trustees at the time of his or her retirement and if the one person so nominated dies prior to the retiree that the basic benefits payable to the retiree shall be increased to an amount as though the retiree had not selected an optional plan of retirement. The benefits of a member selecting this option shall be the actuarial equivalent of the basic benefits provided under Ga. Laws, Code Section 47-3-120 or 47-3-122 as applicable.(4) In the event that a retiree's benefits are increased under the provisions of this rule or policy, the retiree shall only be entitled to such cost-of-living increases as actually being received at the time of the death of the beneficiary of the retiree and shall only be entitled to future cost-of-living increases as provided by Ga. Laws, Code Section 47-3-126.Ga. Comp. R. & Regs. R. 513-5-1-.17
O.C.G.A. Secs. 47-3-26(b), 47-3-121.
Original Rule entitled "Option 4 Plan at Retirement" adopted. F. June 9, 1987; eff. June 29, 1987.Amended: F. Mar. 27, 2003; eff. Apr. 16, 2003.