Georgia House of Representatives - 1995/1996 Sessions

HB 173 - Regents retirement plan; employer's contribution

Page Numbers - 1/ 2

Code Sections - 47-21-8

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


House Comm: Ret        /                Senate Comm: Ret        /                                   
House Vote: Yeas 161   Nays 1           Senate Vote: Yeas 44  Nays 0                                
              ----------------------------------------                                              
               House          Action         Senate                                                 
              ----------------------------------------                                              
              1/12/95  Read 1st Time         1/25/96                                                
              1/13/95  Read 2nd Time         2/19/96                                                
              1/22/96  Favorably Reported    2/15/96                                                
              Sub      Committee Amend/Sub   Sub                                                    
              1/24/96  Read 3rd Time         3/7/96                                                 
              1/24/96  Passed/Adopted        3/7/96                                                 
              CS       Comm/Floor Amend/Sub  CS                                                     
              3/12/96  Amend/Sub Agreed To                                                          
              3/29/96  Sent to Governor                                                             
              4/15/96  Signed by Governor                                                           
              994      Act/Veto Number                                                              
              W/F      Effective Date                                                               
              ----------------------------------------                                              
                                                                                                    
Code Sections amended: 47-21-4, 47-21-8                                                             


HB 173                                              HB 173/AP

      H. B. No. 173 (AS PASSED HOUSE AND SENATE)
      By:  Representatives McBee of the 88th, Scoggins of the
      24th, Heard of the 89th, Stancil of the 91st and Cummings of
      the 27th

                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Chapter 21 of Title 47 of the Official Code of
  1- 2  Georgia Annotated, relating to the regents retirement plan,
  1- 3  so as to change the employer's contribution; to extend the
  1- 4  date a certain actuarial study is due; to provide for an
  1- 5  effective date and automatic repeal; to repeal conflicting
  1- 6  laws; and for other purposes.

  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 8  Chapter 21 of Title 47 of the Official Code of Georgia
  1- 9  Annotated, relating to the regents retirement plan, is
  1-10  amended by striking in its entirety subsection (b) of Code
  1-11  Section 47-21-4, relating to employee and other
  1-12  contributions under the regents retirement plan, and
  1-13  inserting in lieu thereof the following:

  1-14    "(b)(1) The  University System of Georgia shall contribute
  1-15    to the optional retirement plan on behalf of each
  1-16    participating employee the following:

  1-17      (1) Prior to January 1, 1997, an amount equal to 4
  1-18      percent of the participating employee's earnable
  1-19      compensation; and

  1-20      (2) On and after January 1, 1997, an amount equal to the
  1-21      normal cost contribution determined by the board of
  1-22      trustees in accordance with the provisions of Code
  1-23      Section 47-3-48. The provisions of this subsection are
  1-24      subject to subsequent legislation; provided, however,
  1-25      that such legislation shall not provide for a rate of
  1-26      contribution lower than 4 percent."

                         SECTION 2.

  1-27  Said chapter is further amended by striking in its entirety
  1-28  Code Section 47-21-8, relating to an actuarial study by the
  1-29  state auditor, and inserting in lieu thereof the following:



                             H. B. No. 173
                                 -1- (Index)

                                                   HB 173/AP

  2- 1    "47-21-8. (Index)

  2- 2    By not later than January 1, 1996 2000, the state auditor
  2- 3    shall have an actuarial study completed to determine what
  2- 4    effect the optional retirement plan provided for in this
  2- 5    chapter has had on the Teachers Retirement System of
  2- 6    Georgia.  The results of such study shall be reported to
  2- 7    the General Assembly at the 1996 2000 regular session."

                         SECTION 3.

  2- 8  This Act shall become effective on July 1, 1996, only if it
  2- 9  is determined to have been concurrently funded as provided
  2-10  in Chapter 20 of Title 47 of the Official Code of Georgia
  2-11  Annotated, the "Public Retirement Systems Standards Law";
  2-12  otherwise, this Act shall not become effective and shall be
  2-13  automatically repealed in its entirety on July 1, 1996, as
  2-14  required by subsection (a) of Code Section 47-20-50. 

                         SECTION 4.

  2-15  All laws and parts of laws in conflict with this Act are
  2-16  repealed.



























                             H. B. No. 173
                                 -2- (Index)