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04 LC 21 7898S/AP
House Bill 609 (AS PASSED HOUSE
AND SENATE)
By: Representatives Cummings of the 19th and Smith of the 110th
By: Representatives Cummings of the 19th and Smith of the 110th
A BILL TO BE
ENTITLED
AN ACT
AN ACT
To amend Title 47 of the Official Code of Georgia Annotated,
relating to retirement and pensions, so as to provide an option for
spouses´
survivor benefits pursuant to which a member who was unmarried at the time of
retirement may revoke a certain designation of beneficiary and establish such
benefits for the current spouse; to provide conditions for an effective date and
automatic repeal; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Title 47 of the Official Code of Georgia Annotated, relating
to retirement and pensions, is amended by inserting at the end of Code Section
47-2-121, relating to optional retirement allowances under the
Employees´
Retirement System of Georgia, a new subsection to read as
follows:
"(i) Whenever any retired member was unmarried at the time of retirement and he or she has elected an optional allowance under this Code section and one or more children are designated to receive all amounts and benefits upon the death of the retired member, the retired member may revoke the election at any time after the member marries or remarries and designate the current spouse as the person to receive all amounts and benefits upon the death of the retired member. In such event, the member shall receive the applicable actuarially reduced retirement benefit of equivalent actuarial value and establish on behalf of the new spouse the same option which was applicable to the previously appointed child or children. Upon the death of such spouse or upon the entry of a final order of divorce, the provisions of subsection (h) of this Code section shall become applicable."
"(i) Whenever any retired member was unmarried at the time of retirement and he or she has elected an optional allowance under this Code section and one or more children are designated to receive all amounts and benefits upon the death of the retired member, the retired member may revoke the election at any time after the member marries or remarries and designate the current spouse as the person to receive all amounts and benefits upon the death of the retired member. In such event, the member shall receive the applicable actuarially reduced retirement benefit of equivalent actuarial value and establish on behalf of the new spouse the same option which was applicable to the previously appointed child or children. Upon the death of such spouse or upon the entry of a final order of divorce, the provisions of subsection (h) of this Code section shall become applicable."
SECTION 2.
This Act shall become effective on July 1, 2004, 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, 2004, as required by
subsection (a) of Code Section 47-20-50.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.