HB76.html

To amend Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees´ Retirement System of Georgia, so as to change the provisions relating to retirement allowances; to provide that certain members with at least 31 years of service shall be eligible to retire forthwith and upon retirement shall be paid not less than the service retirement allowance which would have been payable upon service retirement at the age of 65 had such members continued in service without further change in compensation; to change the provisions relating to service retirement allowance and calculation of retirement benefits or allowances for certain members; to provide conditions for an effective date and for automatic repeal; to repeal conflicting laws; and for other purposes.

Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees´ Retirement System of Georgia, is amended by striking in its entirety subsection (d) of Code Section 47-2-120, relating to retirement allowances, and inserting in lieu thereof a new subsection (d) to read as follows:
"(d) Anything in this chapter to the contrary notwithstanding, any member with at least 34 31 years of service shall be eligible to retire forthwith and upon retirement shall be paid not less than the service retirement allowance which would have been payable upon service retirement at the age of 65 had he such member continued in service without further change in compensation."

Said chapter is further amended by striking in its entirety paragraph (5) of subsection (e) of Code Section 47-2-334, relating to service retirement allowance and calculation of retirement benefits or allowances, and inserting in lieu thereof a new paragraph (5) to read as follows:
"(5) If a member is otherwise eligible for projected years in service and unless same is made inapplicable by the conditions in subsection (f) of this Code section, projected years of service used in the determination of retirement benefits for death, disability, involuntary separation, or retirement with 34 31 years of service shall be used in the computation of the retirement allowances under the foregoing steps (1) and (2). However, projected years of service used in such benefits computations shall not be used in determining the fractional part or allocation of the benefit amount described in foregoing step (3)."

Said chapter is further amended by striking in its entirety subsection (f) of said Code Section 47-2-334 and inserting in lieu thereof the following:
"(f) Members subject to this Code section shall be subject to the following conditions:
(1) ~~The provisions of subsection (d) of Code Section 47-2-120 shall not be applicable to members subject to this Code section;~~
~~(2)~~ Except as otherwise provided in subsection (j) of Code Section 47-2-96, in Code Sections 47-2-96.1, 47-2-96.2, 47-2-204, 47-2-225, and 47-2-266, and in paragraph (3) of this subsection and except as otherwise expressly provided in this chapter, no service shall constitute creditable service except membership service for which the full rate of employee membership contributions and employer contributions is made pursuant to subsections (c) and (d) of this Code section; and
~~(3)~~(2) The provisions of Code Section 47-2-91 shall be applicable to members subject to this Code section; provided, however, that such benefits shall be subject to reduction or repeal by subsequent legislation and shall not be considered an element of any contract of employment."

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.