Compilation of Rules and Regulations of the State of Georgia
Department 513 - RULES OF PUBLIC RETIREMENT SYSTEMS
Chapter 513-5 - TEACHERS RETIREMENT SYSTEM OF GEORGIA
Subject 513-5-1 - ADMINISTRATIVE RULES
Rule 513-5-1-.16 - Post-Retirement Adjustment of Benefits
Universal Citation: GA Rules and Regs r 513-5-1-.16
Current through Rules and Regulations filed through March 20, 2024
(1) A cost-of-living increment will be granted two times a year on January 1 and July 1 to be determined in the following manner:
(a) On the July 1 or
January 1 following retirement, the average of the Consumer Price Index will be
determined. This is the base index for all beneficiaries retiring during the
six month period ending on such July 1 or January 1.
(b) As of each subsequent January 1 or July
1, the average of the Consumer Price Index will be determined. This is the
current index.
(c) The ratio of
Item (b) to Item (a) is determined.
(d) If the ratio in (c) above is equal to or
greater than 1.000, the retirement benefits would be adjusted by 1-1/2%.
1. If the percentage determined in (c) above
is less than 1.00, indicating a reduction in the Consumer Price Index for the
period, the retirement benefit may be reduced by the Board of Trustees if the
ratio is less than .975 or, in other words, if the reduction is between 0 and
2-1/2%, no adjustment will be made in the retirement benefit; however, if the
reduction is greater than 2-1/2%, the retirement benefit may be adjusted by the
Board of Trustees, however, no reduction would be greater than 1-1/2% of the
retirement benefit for any period. The beneficiary's retirement benefit, once
adjusted, remains constant for the next six months until the next review. In no
event will the retirement benefits be reduced by an amount exceeding all
previously granted cost-of-living adjustments.
(e) For those retiring from July 1 thru
December 1, the subsequent July 1 will be the earliest date for an adjustment
to be made. For those retiring from January 1 thru June 1, the subsequent
January 1 will be the earliest date for an adjustment to be made.
(f) The average Consumer Price Index (CPI)
for a six month period ending on January 1 of any year is defined as the
average of the "All Urban Consumers" CPI published by the Bureau of Labor
Statistics for the six months ending on the previous October, similarly, the
average as of July 1 will be computed based upon the six months ending on the
prior April.
(g) Adjustments in
benefit will be provided only to a real person who is in receipt of a life
annuity with or without related death or survivorship benefits.
O.C.G.A. Secs. 47-3-126, 47-3-126.2.
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