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HB 599 - Legislative Retirement; deceased or divorced spouse; allowance

Cummings, Bill (27th)	Shanahan, Tom E (10th)

Status Summary	HC:	Ret	SC:		FR:	02/12/99	LA:	02/15/99	H - Read 2nd Time

First Reader Summary

A BILL to amend Code Section 47-6-81 of the Official Code of Georgia Annotated, relating to optional retirement allowances under the Georgia Legislative Retirement System, so as to provide that when a member elects spouses' survival option and the spouse predeceases the member or the member and the spouse divorce prior to the member's death, the retirement allowance payable to the retired member shall be equal to the maximum retirement allowance that the retired member would have been entitled to receive if he or she had not made such election; and for other purposes.

HB 599                                             LC 21 5273 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 47-6-81 of the Official Code of 
  1- 2  Georgia Annotated, relating to optional retirement 
  1- 3  allowances under the Georgia Legislative Retirement System, 
  1- 4  so as to provide that when a member elects spouses' survival 
  1- 5  option and the spouse predeceases the member or the member 
  1- 6  and the spouse divorce prior to the member's death, the 
  1- 7  retirement allowance payable to the retired member shall be 
  1- 8  equal to the maximum retirement allowance that the retired 
  1- 9  member would have been entitled to receive if he or she had 
  1-10  not made such election; to provide conditions for an 
  1-11  effective date and automatic repeal; to repeal conflicting 
  1-12  laws; and for other purposes. 
 
  1-13       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-14                           SECTION 1. 
 
  1-15  Code Section 47-6-81 of the Official Code of Georgia 
  1-16  Annotated, relating to optional retirement allowances under 
  1-17  the Georgia Legislative Retirement System, is amended by 
  1-18  inserting at the end thereof the following: 
 
  1-19    "(c) Any retired member who elected options one or two as 
  1-20    provided in subsections (a) and (b) of this Code section 
  1-21    may revoke such option upon the death of the designated 
  1-22    spouse or upon the entry of a final judgment of divorce 
  1-23    from such designated spouse. Such revocation shall be 
  1-24    effective on the date written notice is received by the 
  1-25    board of trustees.  The retirement allowance payable to 
  1-26    any retired member who revokes a benefit option pursuant 
  1-27    to this subsection shall be the maximum benefit such 
  1-28    retired member would have received under this chapter if 
  1-29    he or she had not elected such option." 
 
  1-30                           SECTION 2. 
 
  1-31  This Act shall become effective on July 1, 2000, only if it 
  1-32  is determined to have been concurrently funded as provided 
  1-33  in Chapter 20 of Title 47 of the Official Code of Georgia 
  1-34  Annotated, the "Public Retirement Systems Standards Law"; 
 
 
                                 -1- 
 
 
 
  2- 1  otherwise, this Act shall not become effective and shall be 
  2- 2  automatically repealed in its entirety on July 1, 2000, as 
  2- 3  required by subsection (a) of Code Section 47-20-50. 
 
  2- 4                           SECTION 3. 
 
  2- 5  All laws and parts of laws in conflict with this Act are 
  2- 6  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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