Frequently Asked Questions
The following are Frequently Asked Questions and responses to help you understand underlying details of your pension fund. If you have questions that are not answered here or in the Rules and Regulations, please call our office and discuss your question with us. In addition to assisting you with your inquiry, we will be more than pleased to add your question and an explanation to our current list of questions and answers to help other participants who visit the site.
Select a Category...
- Fund
- Beneficiaries
- Plan
- Retirement
-
Who is eligible to participate in the Fund?
Any person who is employed full-time by a fire department and is certified or a candidate for certification by the Georgia Firefighter Standards and Training Council, or is enrolled as a volunteer firefighter with a volunteer fire department or combination fire department is eligible. See OCGA 47-7-1 for full definitions and further references for fire departments and firefighter certifications. There are not any waiting periods, windows for joining, age requirements or physical/medical limitations.
When are COLA's decided on?
After reviewing an evaluation and recommendation from the fund's actuary, (typically in May and November,) the Board of Trustees determine the precedence of granting a COLA for January 1 or July 1, respectively.
Does GFPF adjust the benefit payment for inflation?
Very few defined benefit plans provide for the benefits to be adjusted each year to reflect the effects of inflation (called the Cost of Living Adjustment, or COLA). We, however, are one of the few plans that do adjust the benefit for COLA's when it is deemed prudent to do so.
-
What is a beneficiary?
Any person designated from time to time before or after the approval of an application for retirement by the member in writing on forms prescribed by the Board of Trustees to receive benefits which continue to be payable upon the death of the member.
If I die while I am still employed, will my spouse/child receive a pension?
In the event that the member passes away before being a member for 15 years, the beneficiary will receive a $5000 death benefit. If however, the member is vested, the beneficiary will begin receiving benefits beginning the month after the member would have turned age 55, or age 50 if the beneficiary chooses the early retirement option.
How can I change my beneficiary?
You may fill out a Change of Beneficiary Form, have it notarized and mail it to our office or make the change in the Member's Area of our website. The beneficiary may be changed at any time, prior to retirement. Once retirement has commenced, you must contact the office to make any changes to your beneficiary.
-
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.
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 beginning the month after the member would have turned age 55, or age 50 if the beneficiary chooses the early retirement option. Go to the website, to the members' area, to verify the information that we have for you is accurate.
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.
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.
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?
Dues will increase eventually. We plan to ask the general assembly for a $10 increase in the 2013 session, to be effective July 1, 2013. Dues have not increased since 1988, 24 years ago. With this increase, it is not likely dues will increase again for quite some time. However, there are no hard and fast promises given the current acceleration of retirements and softness in the economy (tax revenue).
-
Is there a waiting period?
Normally, no. However, we require 60 days to process an application for retirement. During that period, the staff conducts an exhaustive physical audit of your record to ensure that your benefit is computed correctly. You are furnished a letter acknowledging your request for retirement and detailing the results of the audit. You are then afforded an opportunity to contest and correct the record if it is not correct.
How many years must I participate in the Fund before I am vested, fully vested?
Any eligible member becomes vested, (has a right to a pension,) after 15 years of creditable service and becomes "fully" vested, (has a right to a full pension,) after 25 years of creditable service. Such benefits shall become payable when the member reaches 55 years of age, (50 on early retirement,) or when he or she terminates employment as a firefighter or volunteer firefighter, whichever is later.
On what day of the month will I receive my pension check or direct deposit?
Your check or direct deposit should arrive by the first of each month. We make every effort to make sure that your benefit payment arrives on time. If you are receiving your benefit by check (we strongly encourage members to receive their benefit by direct deposit) and you have not received your payment by the 10th of the month, you should contact us at the Pension Fund office.
Can I still participate as a firefighter and retire?
According to OCGA 47-7-100 (b), a firefighter must retire and separate from the fire service to be eligible for a service pension. According to OCGA 47-7-101 (b), a retired firefighter that is re-employed in any capacity as a firefighter by an ISO rated fire department will have benefits suspended by the Fund for the period of re-employment. However, the Board of Trustees has ruled, on advice of counsel, that a retired firefighter may volunteer his/her service pro bono, (that is without compensation,) and continue to receive benefits.
Are benefit payments taxable and, if so, are paid in dues deductible?
Benefit payments are taxable as ordinary income. Paid in dues are deductible based on a schedule provided by the IRS. After retirement, a member will receive information from the Pension Fund Office regarding the amount of dues that were paid over the course of membership. Advice regarding how the dues deduction is to be handled should be sought from the IRS or a qualified tax advisor.