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What type of plan is the Georgia Firefighters' Pension Fund?
- The Georgia Firefighters' Pension Fund is a defined benefit pension plan.
What is a Defined Benefit Plan?
- A defined benefit plan is one set up to provide a predetermined retirement benefit to a member or their beneficiary based on age and creditable service rather than contributions.
How are the assets of the Plan held?
- The assets of the Plan are held in a pooled fund, rather than individual accounts for each member.
What happens if I pass away before being a member of the fund for fifteen years?
- In the event that the member passes away before becoming vested, (15 years) the beneficiary will receive a $5000 death benefit after presenting the Fund with an original death certificate or certified copy of a death certificate. If however, the member is vested, the beneficiary will be eligible to receive benefits on the day the member would have turned 55, or 50 if the early retirement option is selected. Go to the website, to the members' area, to verify the information that we have for you is accurate.
What happens if I pass away after I am vested but before I retire?
- Your named beneficiary would receive your earned pension benefit. If the beneficiary is someone other than your spouse, the payment is made under the "Ten Year Certain and Life" option. If the beneficiary is a spouse, then the "Joint & Survivor" option is utilized. If no percentage is selected, 100% is assumed.
What happens if I quit firefighting before the 15 year vesting threshold?
- If you permanently separate from the Fire Service prior to 15 year vesting, your dues are refundable, less a 5% administrative charge.
Can I borrow money on my pension plan?
- With some form of pension plans, you can borrow against your savings. This, however, is not one of those plans, i.e. it is not a savings plan. It has no cash value, therefore, you may not borrow against it.
How do I buy back prior service?
- In order to purchase previous service ("buyback") a member must contact the Fund office to determine if you are eligible. It should be noted that buying back time is quite expensive, unless a special buyback period is made available by the General Assembly.
Will the dues increase and if so, how often?
- There are no planned increases in the foreseeable future. However, dues are subject to increase at any time. They increase according to inflation and the purchasing power of the dollar.
When are the dues required to be paid?
- Payments of $15 should be received in the Pension Fund Office on or before the tenth day of each month. However, direct debits are taken on the 15th.
What is the preferred method of payment for dues?
- Direct debit (automatic withdrawal) from your banking account. This not only enables us to receive the money on time, but also saves you the trouble of remembering the payment every month.
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