HB124.html

To amend Code Section 47-2-182 of the Official Code of Georgia Annotated, relating to credit in the Employees´ Retirement System of Georgia for service to certain members of local retirement systems, so as to provide that any member who was employed by a local or independent school system at any time between January 1, 1969 and December 31, 1972, and who was not a member of a local retirement system may receive creditable service in the Employees´ Retirement System of Georgia; to provide for exceptions; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.

Code Section 47-2-182 of the Official Code of Georgia Annotated, relating to credit in the Employees´ Retirement System of Georgia for service to certain members of local retirement systems, is amended by striking in its entirety subsection (b) and inserting in lieu thereof the following:
"(b) Any member who was employed by a county or independent school district as a teacher at any time prior to July 1, 1979, and who was a member of a local retirement system during such employment and who is not and will not become eligible to receive any benefit under the provisions of said local retirement system, and any person so employed at any time from January 1, 1969, through December 31, 1972, and who was not a member of a local retirement system during such period, shall be eligible to obtain creditable service under this retirement system for any part or all of such previous employment as a teacher, subject to the following conditions and requirements:
(1) The member must pay to the board of trustees employee and employer contributions for the creditable service claimed under this Code section based on the compensation actually received for the teaching service claimed as creditable service;
(2) The member must pay to the board of trustees regular interest on the amount determined under paragraph (1) of this subsection compounded annually from the time the teaching service was rendered until the time of payment; ~~and~~
(3) No creditable service obtained under this Code section shall be used in determining the qualifications of a member to receive benefits under this chapter other than vested rights, death or disability benefits, or normal service retirement allowances; and
(4) No credit shall be granted under this Code section which is used for credit in the Teachers Retirement System of Georgia."

This Act shall become effective on July 1, 2002, only if it is determined to have been concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not become effective and shall be automatically repealed in its entirety on July 1, 2002, as required by subsection (a) of Code Section 47-20-50.