All individuals who have heretofore retired or shall hereafter retire and commence
to receive a pension benefit, including individuals who shall commence to receive
a reduction in force pension and elected officials and department heads who shall
receive a pension benefit, excluding, however, individuals who shall receive a vested
pension benefit, shall be entitled to receive as an additional pension benefit health
insurance coverage equal to or in a greater amount than the coverage which is provided
to active Fulton County employees and also the life insurance benefits provided for
retirees by action of the board of commissioners. The cost of such individuals for
such health insurance shall not exceed the same percentage of the total cost of such
health insurance coverage as is paid by active employees. The cost to such individuals
for such life insurance shall not exceed the cost to be paid by such individual at
the time of the adoption of this section. The balance of the cost for such insurance
shall be an additional pension benefit. Any prefunding of the benefits conferred by
this section may be maintained as part of the same investment pool as the fund receiving
employer and employee contributions to pay the cost of providing other retirement
benefits under the Fulton County Employees Retirement System; provided, however, that
such funds are separately accounted and separate records are maintained with respect
to each fund. The funds to provide benefits provided by this section may be invested
and reinvested in accordance with law, particularly the provisions of O.C.G.A. § 47-20-10(f).
