09 LC 21
0368S/AP
House
Bill 452 (AS PASSED HOUSE AND SENATE)
By:
Representatives Buckner of the
130th,
Meadows of the
5th,
Maxwell of the
17th,
and Gardner of the
57th
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 a statement of legislative intent; to provide
that certain members of the Employees' Retirement System of Georgia, Georgia
Legislative Retirement System, and Georgia Judicial Retirement System shall not
be eligible to receive any postretirement benefit adjustment; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
The
General Assembly is desirous of providing an established annual cost-of-living
adjustment to all current active and retired members of the Employees'
Retirement System of Georgia, the Georgia Legislative Retirement System, and the
Georgia Judicial Retirement System. In order to do so, limiting future
liability of the systems by adjusting the retirement expectations of persons who
are newly employed is a regrettable but necessary step toward fiscal
soundness.
SECTION
2.
Title
47 of the Official Code of Georgia Annotated, relating to retirement and
pensions, is amended by revising Code Section 47-2-29, relating to
postretirement benefit adjustments under the Employees' Retirement System of
Georgia, by adding a new subsection to read as follows:
"(c)
Notwithstanding any other provision of this Code section, no member who becomes
a member of this retirement system on or after July 1, 2009, shall be entitled
to receive any postretirement benefit
adjustment."
SECTION
3.
Said
title is further amended by revising Code Section 47-6-80, relating to
eligibility and application for a retirement allowance under the Georgia
Legislative Retirement System, early retirement, amount of retirement allowance,
and increases in retirement allowance, by adding a new subsection to read as
follows:
"(g)
Notwithstanding any other provision of this Code section, no member who becomes
a member of this retirement system on or after July 1, 2009, shall be entitled
to receive any postretirement benefit
adjustment."
SECTION
4.
Said
title is further amended by revising Code Section 47-23-21, relating to the
authority of the Board of Trustees of the Georgia Judicial Retirement System, by
adding a new subsection to read as follows:
"(e)
Notwithstanding the provisions of subsection (d) of this Code section, no member
who becomes a member of this retirement system on or after July 1, 2009, shall
be entitled to receive any postretirement benefit
adjustment."
SECTION
5.
All
laws and parts of laws in conflict with this Act are repealed.