Georgia House of Representatives - 1995/1996 Sessions

HB 171 - Teachers or Regents Ret; Univ Sys employees; 60 days to choose

Page Numbers - 1/ 2

1. McBee  88th            2. Scoggins  24th          3. Heard  89th
4. Stancil  91st          5. Cummings  27th


House Comm: Ret        /                Senate Comm: Ret        /               
House Vote: Yeas 164   Nays 0           Senate Vote: Yeas 46  Nays 0            
              ----------------------------------------                          
               House          Action         Senate                             
              ----------------------------------------                          
              1/12/95  Read 1st Time         1/26/95                            
              1/13/95  Read 2nd Time         2/2/95                             
              1/23/95  Favorably Reported    2/1/95                             
              1/25/95  Read 3rd Time         3/9/95                             
              1/25/95  Passed/Adopted        3/9/95                             
              3/20/95  Sent to Governor                                         
              4/7/95   Signed by Governor                                       
              262      Act/Veto Number                                          
              7/1/95   Effective Date                                           
              ----------------------------------------                          
                                                                                
Code Sections amended: 47-21-3, 47-3-68                                         


HB 171                                            LC 21 2940






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Code Section 47-3-68 of the Official Code of
  1- 2  Georgia Annotated, relating to membership of certain
  1- 3  eligible employees of the University System of Georgia in
  1- 4  the Teachers Retirement System of Georgia, so as to provide
  1- 5  that such employees may opt to become members of the regents
  1- 6  retirement plan within 60 days of employment; to amend Code
  1- 7  Section 47-21-3 of the Official Code of Georgia Annotated,
  1- 8  relating to the establishment and administration of an
  1- 9  optional retirement plan for certain employees of the
  1-10  University System of Georgia, so as to provide that the
  1-11  board of trustees of such plan shall be authorized to
  1-12  purchase shares in one or more mutual funds; to repeal
  1-13  conflicting laws; and for other purposes.

  1-14       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-15  Code Section 47-3-68 of the Official Code of Georgia
  1-16  Annotated, relating to membership of certain eligible
  1-17  employees of the University System of Georgia in the
  1-18  Teachers Retirement System of Georgia, is amended by
  1-19  striking in its entirety subsection (d) and inserting in
  1-20  lieu thereof the following:

  1-21    "(d) Eligible university system employees employed on or
  1-22    after July 1, 1990, shall, within 30 days immediately
  1-23    following the effective date of their employment, make an
  1-24    irrevocable decision to be a member of this retirement
  1-25    system or participate in the optional retirement plan
  1-26    provided for in Chapter 21 of this title; provided,
  1-27    however, that such employees employed on or after July 1,
  1-28    1995, shall make such irrevocable decision within 60 days
  1-29    immediately following the effective date of their
  1-30    employment.  A written statement of the decision shall be
  1-31    filed with the employer and with the board of trustees and
  1-32    shall be effective from the date of employment.  If an
  1-33    eligible university system employee fails to file a
  1-34    statement of decision provided for in this subsection,


                                 -1- (Index)

                                                  LC 21 2940

  2- 1    such failure shall be an irrevocable election to become a
  2- 2    member of the retirement system provided for in this
  2- 3    chapter."

                         SECTION 2.

  2- 4  Code Section 47-21-3 of the Official Code of Georgia
  2- 5  Annotated, relating to the establishment and administration
  2- 6  of an optional retirement plan for certain employees of the
  2- 7  University System of Georgia, is amended by striking in its
  2- 8  entirety subsection (a) and inserting in lieu thereof the
  2- 9  following:

  2-10    "(a) The board of regents is authorized to establish an
  2-11    optional retirement plan under which it may purchase
  2-12    annuity contracts, either fixed or variable, or a
  2-13    combination thereof, or shares in one or more mutual funds
  2-14    providing retirement and death benefits which shall become
  2-15    the property of participating employees of the University
  2-16    System of Georgia."

                         SECTION 3.

  2-17  All laws and parts of laws in conflict with this Act are
  2-18  repealed.


























                                 -2- (Index)