HB449.html

To amend Article 5 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to service creditable toward retirement benefits under the Teachers Retirement System of Georgia, so as to provide for creditable service for employment as a librarian by a public library system in another state; to provide for the amount of such creditable service allowable; to provide conditions for obtaining such service; to provide for the payment of contributions; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.

Article 5 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to service creditable toward retirement benefits under the Teachers Retirement System of Georgia, is amended by inserting immediately following Code Section 47-3-92 a new Code section to read as follows:
"47-3-93.
Any member of the retirement system shall be entitled to receive up to ten years of creditable service for employment as a librarian by a public library system of another state in the United States, provided that the member has first established five years of membership service credit in the public schools of Georgia or the University System of Georgia; provided, further, that such service credit shall be allowed on the basis of one year of credit for such service for each additional year of membership service in the public schools of Georgia or the University System of Georgia. A teacher desiring to establish credit for such service must pay employee and employer contributions which would have been paid to the retirement system on a salary comparable to his or her salary for such service, plus the applicable rate of interest, in accordance with regulations adopted by the board of trustees. Such contributions must be paid prior to retirement under this retirement system. For such service rendered prior to January 1, 1945, the rate of employee contributions shall be 5 percent and the rate of employer contributions shall be 6.83 percent. The rate of interest on such contributions shall be the applicable regular interest. No member who receives or who is entitled to receive a pension or annuity from any other state, county, or municipality, or federal retirement program excluding social security, shall receive creditable service for such service. The board of trustees shall promulgate rules and regulations to carry out this Code section."

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.