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HB 1037 - Teachers Retirement; beneficiaries; benefits increase

Sinkfield, Georganna T (57th)	McKinney, J. E (51st)	Reece, Barbara Massey (11th)
Smith, Paul E (12th)	Pelote, Dorothy B (149th)	Dean, Douglas C. (48th)

Status Summary	HC:		SC:		FR:	/ /	LA:	/ /

First Reader Summary

A BILL to amend Article 7 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to retirement allowances, disability benefits, and spouses' benefits under the Teachers Retirement System of Georgia, so as to provide an increase in retirement allowances for certain retired teachers; and for other purposes.

Code Sections - 47-3-126.4

HB 1037                                            LC 21 5544 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Article 7 of Chapter 3 of Title 47 of the Official 
  1- 2  Code of Georgia Annotated, relating to retirement 
  1- 3  allowances, disability benefits, and spouses' benefits under 
  1- 4  the Teachers Retirement System of Georgia, so as to provide 
  1- 5  an increase in retirement allowances for certain retired 
  1- 6  teachers; to provide for construction; to provide conditions 
  1- 7  for an effective date and automatic repeal; to repeal 
  1- 8  conflicting laws; and for other purposes. 
 
  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-10                           SECTION 1. 
 
  1-11  Article 7 of Chapter 3 of Title 47 of the Official Code of 
  1-12  Georgia Annotated, relating to retirement allowances, 
  1-13  disability benefits, and spouses' benefits under the 
  1-14  Teachers Retirement System of Georgia, is amended by 
  1-15  inserting immediately following Code Section 47-3-126.3 a 
  1-16  new Code section to be designated Code Section 47-3-126.4 to 
  1-17  read as follows: 
 
  1-18    "47-3-126.4. 
 
  1-19    (a) As used in this Code section, the term 'beneficiary' 
  1-20    means: 
 
  1-21      (1) Any retired teacher who retired pursuant to any 
  1-22      county, municipal, or local board of education 
  1-23      retirement or pension system; 
 
  1-24      (2) The surviving spouse of any retired teacher who 
  1-25      retired pursuant to a county, municipal, or local board 
  1-26      of education retirement or pension system if such 
  1-27      surviving spouse is eligible to receive and is receiving 
  1-28      a monthly benefit pursuant to the local retirement or 
  1-29      pension system; and 
 
  1-30      (3) The surviving spouse of a teacher who was a member 
  1-31      of a county, municipal, or local board of education 
  1-32      retirement or pension system and who died prior to 
  1-33      retirement if such surviving spouse is eligible to 
 
 
                                 -1- 
 
 
 
  2- 1      receive and is receiving a monthly benefit pursuant to 
  2- 2      the local retirement or pension system. 
 
  2- 3    (b) Subject to the limitations of subsection (c) of this 
  2- 4    Code section, effective July 1, 2000, the monthly 
  2- 5    retirement benefit of each beneficiary shall be increased 
  2- 6    by a percentage which varies in accordance with the time 
  2- 7    of retirement as follows: 
 
  2- 8        Time of Retirement                 Percentage Increase 
 
  2- 9      Prior to July 1, 1979.............................. 10.0 
  2-10      July 1, 1979 through June 30, 1984.................  7.0 
  2-11      July 1, 1984 through June 30, 1989.................  5.0 
  2-12      July 1, 1989 through June 30, 1998.................  3.0 
 
  2-13    (c) The full percentage increase provided for in 
  2-14    subsection (b) of this Code section shall apply only to 
  2-15    those beneficiaries who had 20 or more years of creditable 
  2-16    service at the time of retirement.  For those 
  2-17    beneficiaries who had at least ten but less than 20 years 
  2-18    of creditable service at the time of retirement, the 
  2-19    monthly benefit increase provided for by subsection (b) of 
  2-20    this Code section shall be reduced by 5 percent for each 
  2-21    year less than 20 years of creditable service. 
  2-22    Beneficiaries who had less than ten years of creditable 
  2-23    service shall not receive an increase in their monthly 
  2-24    retirement benefit under this Code section. No one 
  2-25    person's retirement benefit or combination of retirement 
  2-26    benefits shall exceed $3,800.00 per month as a result of 
  2-27    an increase in the monthly retirement benefit under this 
  2-28    Code section. 
 
  2-29    (d) The benefits provided by this Code section shall be 
  2-30    funded wholly from appropriated funds and shall not be 
  2-31    construed as an obligation of this retirement system." 
 
  2-32                           SECTION 2. 
 
  2-33  This Act shall become effective on July 1, 2000, only if it 
  2-34  is determined to have been concurrently funded as provided 
  2-35  in Chapter 20 of Title 47 of the Official Code of Georgia 
  2-36  Annotated, the "Public Retirement Systems Standards Law"; 
  2-37  otherwise, this Act shall not become effective and shall be 
  2-38  automatically repealed in its entirety on July 1, 2000, as 
  2-39  required by subsection (a) of Code Section 47-20-50. 
 
 
 
 
 
 
                                 -2- 
 
 
 
  3- 1                           SECTION 3. 
 
  3- 2  All laws and parts of laws in conflict with this Act are 
  3- 3  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -3-