HB209.html

To amend Code Section 47-3-120 of the Official Code of Georgia Annotated, relating to allowance on service retirement in the Teachers Retirement System of Georgia, so as to reduce the penalty for early retirement; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.

Code Section 47-3-120 of the Official Code of Georgia Annotated, relating to allowance on service retirement in the Teachers Retirement System of Georgia, is amended by striking in its entirety subsection (b) and inserting in lieu thereof the following:
"(b) In the case of any member who has less than 30 years of creditable service and if such member has not reached the age of 60 years upon retirement, the service allowance set forth in subsection (a) of this Code section shall be reduced by the lesser of one-twelfth of 7 3 percent for each month by which his or her age at the time of retirement is below 60 years or by 7 3 percent for each year or fraction of a year by which the member has less than 30 years of creditable service at the time of retirement. This reduction shall not apply in calculating the service allowance for disability retirement or death. Any member who retired with 30 or more years of creditable service and whose retirement benefits were reduced because such member retired at an age below the normal retirement age in effect at the time such member retired shall be entitled to an adjusted retirement benefit based upon a calculation made without the application of the age reduction factor. Any member retiring with less than 30 years of creditable service or who has not obtained the age of 60 at the time of retirement shall not become eligible for postretirement benefit adjustments as provided in Code Section 47-3-126 until such time as the member reaches the age of 60 or would have obtained 30 years of creditable service, whichever occurs earlier."

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"Public Retirement Systems Standards Law"; otherwise, this Act shall not become effective and shall be automatically repealed in its entirety on July 1, 2002, as required by subsection (a) of Code Section 47-20-50.