08 LC 21
9759S
The
House Committee on Retirement offers the following substitute to HB
521:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 2 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement benefits under the
Employees´ Retirement System of Georgia, so as to provide that a member of
such retirement system may obtain creditable service for prior service as a
member of the Georgia Judicial Retirement System; to provide for notice and the
transfer or payment of funds; 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
5 of Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement benefits under the Employees´
Retirement System of Georgia, is amended by adding a new Code section to read as
follows:
"47-2-101.
(a)
Any member of this retirement system who was previously a member of the Georgia
Judicial Retirement System but who did not vest for a benefit under such
retirement system may obtain creditable service in this retirement system for
prior service for which he or she was credited as a member of such retirement
system as provided in this Code section.
(b)
Any member wishing to obtain creditable service as provided in subsection (a) of
this Code section who has not withdrawn his or her contributions to such
retirement system may elect to have all contributions made by or on behalf of
such member transferred from such retirement system to this retirement system.
Any such member shall notify the board of trustees of this retirement system and
of the Georgia Judicial Retirement System not later than December 31, 2008, or
within 90 days after first becoming a member of this retirement system,
whichever date is later, and the Board of Trustees of the Georgia Judicial
Retirement System shall transfer to the board of trustees of this retirement
system all employer and employee contributions paid by or on behalf of the
employee, together with regular interest thereon. Such member may supplement
such contribution in any amount he or she desires.
(c)
Any member wishing to obtain creditable service as provided in subsection (a) of
this Code section who has withdrawn his or her contributions to such retirement
system may elect to have all employer contributions made on his or her behalf
transferred from such retirement system to this retirement system. Any such
member shall notify the board of trustees of this retirement system and of the
Georgia Judicial Retirement System not later than December 31, 2008, or within
90 days after first becoming a member of this retirement system, whichever date
is later, and the Board of Trustees of the Georgia Judicial Retirement System
shall transfer to the board of trustees of this retirement system all employer
contributions paid on his or her behalf, together with regular interest thereon.
Such member may supplement such contribution in any amount he or she
desires.
(d)
Upon receipt of the funds provided for in of subsection (b) or (c) of this Code
section, the board of trustees of this retirement system shall credit the member
with the number of years of creditable service which such contributions will
warrant without creating any accrued actuarial liability as to this retirement
system, but not more than the actual number of years of creditable service for
which he or she was credited as a member of the Georgia Judicial Retirement
System.
(e)
No creditable service may be obtained pursuant to the provisions of this Code
section for any period for which creditable service has been or may be obtained
in any other state or local public retirement system."
SECTION
2.
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
3.
All
laws and parts of laws in conflict with this Act are repealed.