10 LC
21 0631S
The
House Committee on Retirement offers the following substitute to HB
542:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-4-101 of the Official Code of Georgia Annotated, relating
to retirement benefits payable upon normal, early, or delayed retirement under
the Public School Employees Retirement System, so as to increase the maximum
allowable benefit contingent upon funding; 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 47-4-101 of the Official Code of Georgia Annotated, relating to
retirement benefits payable upon normal, early, or delayed retirement under the
Public School Employees Retirement System, is amended by revising paragraph (1)
of subsection (b) as follows:
"(1)
Upon retirement on the normal retirement date, a member shall receive a monthly
retirement benefit, payment of which shall commence on the effective date of
retirement and which shall be payable on the first day of each month thereafter
during the member's lifetime. The amount of each monthly retirement payment
shall be
$15.00
$16.00
multiplied by the number of the member's years of creditable service. The
retirement benefit provided under this subsection shall be payable to those
members who have already retired under this chapter as well as those members who
retire in the future. If the General Assembly at any time appropriates funds
expressly intended to fund the benefits provided in this subsection and such
amount so appropriated is not sufficient to fund the maximum amount allowable,
then the retirement benefit otherwise payable under this subsection shall be
reduced pro rata by the board in accordance with the funds actually appropriated
by the General Assembly for such purpose, but in no event shall the retirement
benefit be less than
$12.00
$14.75
multiplied by the member's years of creditable service."
SECTION
2.
This
Act shall become effective on July 1, 2010, 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repealed in its entirety on July 1, 2010, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.