Georgia House of Representatives - 1995/1996 Sessions

HB 671 - Teachers Retirement; 25 years service; 50 years of age

Page Numbers - 1/ 2

1. McBee  88th            2. Cummings  27th          3. Smith  169th
4. Smith  102nd           5. Coleman  80th           6. Hugley  133rd


House Comm: Ret        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              2/9/95   Read 1st Time                                                                
              2/10/95  Read 2nd Time                                                                
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Code Sections amended:                                                                              


HB 671                                            LC 21 3254






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Chapter 3 of Title 47 of the Official Code of
  1- 2  Georgia Annotated, relating to the Teachers Retirement
  1- 3  System of Georgia, so as to change the minimum age of
  1- 4  retirement under such system; to remove a certain penalty
  1- 5  for retirement under the age of 60 years; to provide
  1- 6  conditions for an effective date and automatic repeal; to
  1- 7  repeal conflicting laws; and for other purposes.

  1- 8       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 9  Chapter 3 of Title 47 of the Official Code of Georgia
  1-10  Annotated, relating to the Teachers Retirement System of
  1-11  Georgia, is amended by striking in its entirety subsection
  1-12  (a) of Code Section 47-3-101, relating to eligibility and
  1-13  application for retirement under such retirement system, and
  1-14  inserting in lieu thereof the following:

  1-15    "(a) Any member in service may retire upon written
  1-16    application to the board of trustees, provided that the
  1-17    member at the time of retirement: (1) has attained the age
  1-18    of 60 years and has at least ten years of creditable
  1-19    service, (2) has at least 30 years of creditable service,
  1-20    or (3) has attained the age of 55 50 years and has at
  1-21    least 25 years of creditable service.  The effective date
  1-22    of retirement will be the first of the month in which the
  1-23    application is received by the board of trustees; except
  1-24    that no retirement application will be effective earlier
  1-25    than the first of the month following the final month of
  1-26    the applicant's employment. Applications for retirement
  1-27    will not be accepted more than 180 days in advance of the
  1-28    effective date of retirement."

                         SECTION 2.

  1-29  Said chapter is further amended by striking in its entirety
  1-30  subsection (b) of Code Section 47-3-120, relating to
  1-31  allowances on a service retirement under such retirement
  1-32  system, and inserting in lieu thereof the following:


                                 -1- (Index)

                                                  LC 21 3254

  2- 1    "(b) In the case of any member who has less than 30 years
  2- 2    of creditable service and if such member has not reached
  2- 3    the age of 60 years upon retirement, the service allowance
  2- 4    set forth in subsection (a) of this Code section shall be
  2- 5    reduced by the lesser of one-twelfth of 7 percent for each
  2- 6    month by which his age at the time of retirement is below
  2- 7    60 years or by 7 percent for each year or fraction of a
  2- 8    year by which the member has less than 30 years of
  2- 9    creditable service at the time of retirement.  This
  2-10    reduction shall not apply in calculating the service
  2-11    allowance for disability retirement or death.  Any member
  2-12    who retired with 30 or more years of creditable service
  2-13    and whose retirement benefits were reduced because such
  2-14    member retired at an age below the normal retirement age
  2-15    in effect at the time such member retired shall be
  2-16    entitled to an adjusted retirement benefit based upon a
  2-17    calculation made without the application of the age
  2-18    reduction factor.  Any member retiring with less than 30
  2-19    years of creditable service or who has not obtained
  2-20    attained the age of 60 at the time of retirement shall not
  2-21    become eligible for postretirement benefit adjustments as
  2-22    provided in Code Section 47-3-126 until such time as the
  2-23    member reaches the age of 60 or would have obtained 30
  2-24    years of creditable service, whichever occurs earlier."

                         SECTION 3.

  2-25  This Act shall become effective on July 1, 1996, only if it
  2-26  is determined to have been concurrently funded as provided
  2-27  in Chapter 20 of Title 47 of the Official Code of Georgia
  2-28  Annotated, the "Public Retirement Systems Standards Law";
  2-29  otherwise, this Act shall not become effective and shall be
  2-30  automatically repealed in its entirety on July 1, 1996, as
  2-31  required by subsection (a) of Code Section 47-20-50.

                         SECTION 4.

  2-32  All laws and parts of laws in conflict with this Act are
  2-33  repealed.











                                 -2- (Index)