Section 47-17-44 - Amount of dues; deadline and minimum period for payments(a). On and after July 1, 2021, each member shall pay monthly dues into the fund in an amount to be determined annually by the board that shall be at least $25.00, but shall not exceed $50.00.
(b) On and after July 1, 2024, each member shall pay monthly dues into the fund in an amount to be determined annually by the board that shall be at least $35.00, but shall not exceed $70.00.(c) The base amount of monthly dues established pursuant to this Code section shall apply uniformly to all members.(d) The board shall determine the monthly dues amount based on: (1) The recommendation of the actuary of the board;(2) The maintenance of the actuarial soundness of the fund in accordance with the minimum funding 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 determines relevant.(e) Each month's dues shall be paid not later than the tenth day of that month. Any member of the fund who becomes delinquent in payment of dues by failure to pay the prescribed amount by the tenth of any month shall be notified of such delinquency by the executive director on the tenth of the following month. If payment is not received by the tenth of the next month, the member shall be removed from active status in the fund and notified by mail. Any member who is dropped for nonpayment of dues shall have six months from the last fully paid month to reinstate their membership. The member shall pay all back dues together with a $100.00 reinstatement fee to avoid a break in service. No previously verified creditable service credit will be lost upon reinstatement. After the six-month reinstatement period has expired, credit for prior service may only be obtained by tendering to the board an amount equal to the full actuarial cost of such time as calculated by the actuary for the fund only after the member has resumed monthly payments.(f) Each member shall be required to pay such dues for a minimum period of ten years, or 15 years for individuals who became members on or after July 1, 2010, before being eligible to receive the retirement benefits under this chapter. Amended by 2024 Ga. Laws 562,§ 1, eff. 7/1/2024.Amended by 2020 Ga. Laws 551,§ 2, eff. July 1, 2020, only if it is determined to have been concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not become effective and shall be automatically repealed in its entirety on July 1, 2020, as required by subsection (a) of Code Section 47-20-50.Amended by 2003 Ga. Laws 248, § 1, eff. 7/1/2003.