Georgia House of Representatives - 1995/1996 Sessions

HB 140 - Retirement systems; excess compensation; limitation

Page Numbers - 1/ 2

Code Sections - 47-1-13

1. Cummings  27th         2. McBee  88th             3. Shanahan  10th


House Comm: Ret        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              1/11/95  Read 1st Time                                                                
              1/12/95  Read 2nd Time                                                                
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Code Sections amended: 47-1-13                                                                      


HB 140                                            LC 21 2938






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 1 of Chapter 1 of Title 47 of the Official
  1- 2  Code of Georgia Annotated, relating to general provisions
  1- 3  relative to retirement and pensions, so as to provide that,
  1- 4  for purposes of determining retirement and pension
  1- 5  allowances under public retirement and pension systems for
  1- 6  certain members, any compensation in excess of the
  1- 7  limitations established by certain federal law shall be
  1- 8  disregarded; to repeal conflicting laws; and for other
  1- 9  purposes.

  1-10       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-11  Article 1 of Chapter 1 of Title 47 of the Official Code of
  1-12  Georgia Annotated, relating to general provisions relative
  1-13  to retirement and pensions, is amended by inserting at the
  1-14  end thereof the following:

  1-15    "47-1-13. (Index)

  1-16    (a) The provisions of this Code section shall apply to any
  1-17    public retirement system or pension plan under which
  1-18    retirement allowances or pensions of retired members are
  1-19    calculated on the compensation earned by the member prior
  1-20    to his or her retirement.

  1-21    (b) Any other provision of law to the contrary
  1-22    notwithstanding, the retirement or pension allowance
  1-23    payable under any public retirement system or pension plan
  1-24    to any person who becomes a member of the system or plan
  1-25    on or after January 1, 1996, shall be calculated on
  1-26    compensation not in excess of the limitations established
  1-27    by Section 401(a)(17) of the United States Internal
  1-28    Revenue Code.  The retirement or pension allowances for
  1-29    members who became members prior to January 1, 1996, shall
  1-30    be computed on compensation not in excess of the maximum
  1-31    level of compensation allowed for such purposes according
  1-32    to the retirement system  or pension plan on July 1,
  1-33    1993."


                                 -1- (Index)

                                                  LC 21 2938

                         SECTION 2.

  2- 1  All laws and parts of laws in conflict with this Act are
  2- 2  repealed.













































                                 -2- (Index)