07 LC 21
9165
House
Bill 452
By:
Representatives Buckner of the
130th,
Jamieson of the
28th,
Porter of the
143rd,
and Greene of the
149th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 7 of Chapter 3 of Title 47 of the Official Code of Georgia
Annotated, relating to retirement allowances, disability benefits, and spouses
benefits in the Teachers Retirement System of Georgia, so as to increase the
retirement allowance multiplier; to provide for a postretirement benefit
increase; to provide for a postretirement benefit; 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.
Article
7 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to retirement allowances, disability benefits, and spouses benefits in the
Teachers Retirement System of Georgia, is amended by revising subsection (a) of
Code Section 47-3-120, relating to allowance on service retirement, as
follows:
"(a)
Upon service retirement, a member shall receive an allowance which shall consist
of:
(1)
An annuity which shall be the actuarial equivalent of the member´s
accumulated contributions at the time of retirement; and
(2)
An annual pension which, together with the annuity set forth in paragraph (1) of
this subsection, shall provide a total allowance equal to
2
2.1
percent of the member´s average compensation over the two consecutive years
of membership service producing the highest such average, multiplied by the
number of the member´s years of creditable service, not to exceed 40. The
computation of average compensation for the purposes of this paragraph shall be
subject to the requirements of subsection (d) of this Code
section."
SECTION
2.
Said
article is further amended by inserting following Code Section 47-3-126.4 a new
Code section to read as follows:
"47-3-126.5.
(a)
As used in this Code section, the term 'beneficiary' shall have the meaning
specified in paragraph (7) of Code Section 47-3-1.
(b)
Effective July 1, 2008, the monthly benefit of each beneficiary shall be
increased by recalculating such benefit as if the percentage factor provided in
paragraph (2) of subsection (a) of Code Section 47-3-120 had been 2.1 percent at
the time of the member´s retirement. No such increase shall be paid for
any period prior to July 1, 2008, but all cost-of-living and other increases
awarded prior to such date shall be considered in determining the amount of such
increase."
SECTION
3.
This
Act shall become effective on July 1, 2008, 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, 2008, as required by subsection (a) of Code
Section 47-20-50.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.