The Georgia Municipal Employee Benefit System (GMEBS) Retirement Fund is a statewide retirement system created by an act of the Georgia Legislature in 1965. The fund provides defined benefit retirement plans to more than 280 local government entities covering over 33,000 employees, retirees, and beneficiaries. The fund has assets in excess of over $994 million.
Eligible Members
Municipalities, municipal authorities and commissions and regional development centers are eligible to participate in the fund.
Eligible Employees
To be eligible for the retirement fund, each employee must be an active, permanent, full-time employee who is employed at least 20 hours per week on a regular basis.
Defined Benefit Plan
The defined benefit plan offered through the GMEBS Retirement Fund provides for payment of monthly benefits to participants for life after retirement. The individualized plan of each member specifies the benefit a participant will receive at retirement based on years of service and a percentage of salary.
Options Available
To work within the financial resources of the membership, members develop their customized plans from features such as:
- Benefit formulas
- Elected officials benefits
- Credit for past years of service
- Death benefits
- Disability retirement benefits
- Vesting
- Cost-of-living increases
For a comparison of plan features for members of the GMEBS Retirement Fund, contact Marketing and Field Services at (678) 686-6216.
Significant Features
Costs
Once the member decides which options to include in its plan, a cost study is performed. The administrative costs vary on the complexity of the retirement plan, the number of employees in the plan and the amount of assets of the plan. The cost of the retirement plan will vary annually depending on the demographic changes of the employee group and other factors.
Other Retirement Options
GMA also offers a 401(a) defined contribution plan and a 457(b) deferred compensation plan.
Click here for more information on these plans.