|Understanding GASB 67/68
Members of GMA's retirement fund are invited to attend one of six training sessions on understanding recent changes that have been made by the Governmental Accounting Standards Board (GASB) on how cities report pension liabilities on their financial statements.
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 39,000 employees, retirees, and beneficiaries. The fund has assets in excess of $1.5 billion.
Municipalities, municipal authorities and commissions and regional commissions are eligible to participate in the fund.
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.
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
- Cost-of-living increases
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.