07 LC 21
9375
House
Bill 639
By:
Representative Sims of the
169th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-223 of the Official Code of Georgia Annotated, relating
to retirement benefits under the Employees´ Retirement System of Georgia
for those in service in the Uniform Division of the Department of Public Safety,
so as to provide that certain members of such retirement system may elect to pay
an additional employee contribution to such retirement system; to provide that
any such person may retire at age 55 or after accruing at least 25 years of
creditable service and receive an enhanced retirement benefit; to provide that
any such election shall be irrevocable; to provide for persons in service on
July 1, 2008; to provide for related matters; 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.
Code
Section 47-2-223 of the Official Code of Georgia Annotated, relating to
retirement benefits under the Employees´ Retirement System of Georgia for
those in service in the Uniform Division of the Department of Public Safety, is
amended by adding a new subsection to read as follows:
"(c)(1)
Anything in this chapter to the contrary notwithstanding, every person who is
employed by the State Board of Pardons and Paroles who, as a condition of his or
her employment, is required to comply with the requirements of Chapter 8 of
Title 35, the 'Georgia Peace Officer Standards and Training Act,' on June 30,
2008, and every person who becomes or again becomes so employed on or after July
1, 2008, may retire at any time after attaining the age of 55 with at least ten
years of creditable service or upon accruing at least 25 years of creditable
service without regard to age, and, upon retirement, such retiree shall receive
a monthly retirement benefit equal to 3 percent of his or her highest average
compensation for each year of creditable service by complying with the
provisions of this subsection.
(2)
Any member of this retirement system electing the provisions of this subsection
shall contribute an employee membership contribution of 2 percent of his or her
earnable compensation in addition to any other such employee membership
contribution required by this chapter; provided, however, that no member of this
retirement system subject to the provisions of this subsection shall receive a
retirement benefit in excess of 85 percent of his or her highest average
compensation.
(3)
An eligible member wishing to elect the provisions of this subsection shall make
application in such manner as the board specifies not later than December 31,
2008, or within three months after first or again becoming a member. Such
election shall be irrevocable and shall govern any subsequent periods of
membership after any break in service.
(4)
Except as otherwise provided in this paragraph, no member shall be eligible to
retire under this subsection until he or she has paid the additional
employee´s contribution provided for in paragraph (2) of this subsection
for at least ten years. Any eligible member who was in service on July 1, 2008,
shall be eligible to receive a retirement benefit under this subsection
according to the following schedule:
(A)
After July 1, 2009, the member shall be entitled to receive a benefit calculated
at 2 1/4 percent of his or her highest average compensation;
(B)
After July 1, 2010, the member shall be entitled to receive a benefit calculated
at 2 1/2 percent of his or her highest average compensation;
(C)
After July 1, 2011, the member shall be entitled to receive a benefit calculated
at 2 3/4 percent of his or her highest average compensation; or
(D)
After July 1, 2012, the member shall be entitled to receive a benefit calculated
at 3 percent of his or her highest average compensation.
(5)
Any member who elects the benefits under this subsection and who transfers to a
position not covered by this subsection shall no longer be eligible for such
benefits. Such member shall not be entitled to a refund of any
kind."
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.