§ 26-34. Pension funds; certification and transfer.

(a)

As to pension and retirement rights and benefits of employees being transferred from a municipality to the county, all creditable service with the pension fund of his former employer shall be credited with the pension fund of his new employer in accordance with the provisions of subsection (b) of this section.

(b)

Within 30 days from the date such employee is transferred, the secretary of the pension fund of the former employer shall certify to the secretary of the pension fund of the new employer the total number of years of service, including fractional parts of years, accrued to the credit of each such employee; the amount due such pension fund by each such employee for such credit, if any; the amount of accumulated employee contributions; and the amount of employer matching contributions. Said secretary shall transfer all funds contributed by said employee, together with all employer matching contributions, to the secretary of the pension board of the new employer. In the event that such employee shall owe any sum for prior service credits, said sum shall be payable by such employee to the pension fund of the new employer. In the event that any employee shall have withdrawn any amounts contributed by him to the pension fund of his former employer, the certification of the secretary of such pension fund shall indicate the amount of such contributions withdrawn, and the amount of funds transferred to the secretary of the pension fund of the new employer shall not include such amounts withdrawn by the employee, but shall be payable by the employee to the pension fund of the new employer upon his transfer or at the option of the board of trustees of the pension fund of the new employer, such payment may be deferred and paid in equal installments over a period of 60 months with interest at the rate of seven percent per annum. Upon the date of transfer, the transferred employee shall become a member of the pension fund of his new employer and shall have his rights and obligations determined in accordance with the most recent amendments to such pension fund, but shall be entitled to receive no less benefits from such pension fund than he would have been entitled to receive under the most recent amendments to the pension fund of his former employer on the day prior to his transfer. Upon such certification and transfer of funds, as provided above, such employee shall become entitled to credit for all years of service which may have accrued to him with his former employer to the same extent as if such service had been rendered to his new employer, without the payment of additional contributions (other than amounts previously due for prior service credits or amounts due for withdrawn contributions). The funds transferred in accordance with the above provisions shall become the property of the pension fund of the new employer.

(1982 Ga. Laws (Act No. 1017), page 4174, § 3)

Cross reference

Pension rights protection, § 34-146 et seq.