08 LC 21
9848S
The
Senate Retirement Committee offered the following substitute to SB
327:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 4 of Chapter 20 of Title 47 of the Official Code of Georgia
Annotated, relating to retirement bills in the General Assembly, so as to define
a certain term; to provide procedures for bills requiring public retirement
systems to divest in certain investments; 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
4 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, relating
to retirement bills in the General Assembly, is amended by revising paragraph
(6) of Code Section 47-20-30, relating to definitions, as follows:
"(6)
'Retirement bill having a fiscal impact' means any retirement bill creating or
establishing a retirement system and any other retirement bill other than a
nonfiscal retirement bill.
Such term
shall include any bill requiring a public retirement system to divest or refrain
from investing in specific investments or classes of
investments."
SECTION
2.
Said
article is further amended by adding a new subsection to Code Section 47-20-34,
relating to the introduction of retirement bills having a fiscal impact and
preliminary consideration by committee, to read as follows:
"(d)
Any bill requiring a public retirement system to divest or refrain from
investing in specific investments or classes of investments may only be
introduced as provided in subsection (a) of this Code section and, in addition
to the certification of the state auditor required by Code Section 47-20-32,
such legislation shall be accompanied at the time of introduction by a statement
from the Governor, the Lieutenant Governor, or the Speaker of the House of
Representatives describing the primary goal the bill is designed to achieve.
Such bill shall also have attached at the time of introduction a fiscal analysis
from each public retirement system affected stating the cost of compliance with
the legislation and the anticipated annual fiscal losses which will be incurred
as a result of complying with the legislation."
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.