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Pension Announcements

Pension Plan Amendment Notification

Notification of Pension amendments can be found below.  If you have questions, please email [email protected].

Notifications

Ninth Amendment Notification June 26, 2019

This serves as a 60-day notification that there will be an amendment made to change Section 2.9a of the Pension Plan to add language to exclude payments made by the County to, or as reimbursement for dues for, the Georgia Firefighters’ Pension Fund and the Peace Officers’ Annuity and Benefit Fund for active eligible sworn/certified employees after December 31, 2019.

The Ninth Amendment is below for your review. It can also be found on the Pension Plan page under Notifications. Plan participants can email questions about the amendment to the Board of Trustees at [email protected] until August 24, 2019.

 

NINTH AMENDMENT

TO THE

COBB COUNTY

Government Employees’ Pension Plan

 

As Amended and Restated Effective as of January 1, 2010

 

The provision of the Cobb County Government Employees’ Pension Plan (the “Plan”) is hereby amended as follows:

 

1.         Section 2.9 of the Plan is amended effective as of December 31, 2019, to read as follows:

 

2.9       Compensation:  For purposes of determining a Participant's Final Average Compensation and determining Employee Contributions:

(a)        The Participant's wages as defined in Section 3401(a) of the Code and all other payments of compensation received from the Employer during the calendar year for which the Employer is required to furnish the Employee a written statement under Sections 6041(d), 6051(a)(3) and 6052 of the Code, excluding all educational incentive pay, and any accrued sick pay and accrued vacation pay received by a Participant in a lump sum upon Retirement, but including elective contributions to a cafeteria plan under Section 125 of the Code or qualified transportation fringe benefit plan under Section 132(f)(4) of the Code, compensation deferred to a plan maintained under Section 457 of the Code, deferrals to a tax sheltered annuity plan maintained pursuant to Section 403(b) of the Code or deferrals under a plan maintained pursuant to Section 401(k) of the Code.  After January 1, 2010, Compensation for a Hybrid Participant shall mean annualized salary, provided however this change in the Compensation definition shall not operate to decrease the Accrued Benefit based on Benefit Accrual Service accumulated as of December 31, 2015.  After August 1, 2019, Compensation shall also exclude all non-cumulative lump sum payments.  After December 31,2019, compensation shall also exclude payments made by the County to, or as reimbursement for dues for, the Georgia Firefighters’ Pension Fund and the Peace Officers’ Annuity and Benefit Fund. 

(b)        With respect to Employees employed in the District Attorney’s office, effective prior to January 1, 2009, “Compensation” shall include only payments attributable to the Employer.  Effective January 1, 2009, the Compensation of a Participant in a Job-Share Position or a Salary-Share Position shall be annualized by dividing the actual Compensation by the fraction described in Section 2.5(e).  This change in the Compensation definition shall not operate to increase the Accrued Benefit based on Benefit Accrual Service accumulated as of December 31, 2008. 

(c)        With respect to Employees employed in the Sheriff’s Office, effective January 1, 2019, the “Compensation” of a Participant:

(i)         who is in a sworn position up to and including the rank of Deputy Sheriff Lieutenant or in a non-sworn position assigned to the Adult Detention Center shall exclude the specialty, detention incentive pay; and

(ii)        who is a Deputy Sheriff II shall exclude the supplemental pay made to such deputy as a result of having met the program criteria to be advanced to the Deputy Sheriff III program.

(d)       Compensation shall be conclusively determined by the books and records of the Employer and the Plan Administrator. 

(e)        Compensation means compensation during the Plan Year or such other consecutive 12-month period over which compensation is otherwise determined under the Plan (the determination period). 

(f)        The Compensation of any Employee taken into account under the Plan for any Plan Year shall not exceed the Compensation Limit.

 

 

IN WITNESS WHEREOF, the Employer has adopted this Ninth Amendment as of the ____ day of _____________, 2019.

 

                                                            COBB COUNTY BOARD OF COMMISSIONERS

 

                                                            By:__________________________________

 

                                                            Title:_________________________________

 

Witness:  __________________

Title:  ____________________