10 LC
21 0529
House
Bill 960
By:
Representatives Benton of the
31st
and Maxwell of the
17th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 22 of Title 47 of the Official Code of Georgia Annotated, relating
to the Georgia Defined Contribution Plan, so as to change the method of making a
lump sum payment upon the member's death; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
22 of Title 47 of the Official Code of Georgia Annotated, relating to the
Georgia Defined Contribution Plan, is amended by revising Code Section 47-22-10,
relating to lump sum payment on death of a member, as follows:
"47-22-10.
Upon
the death of any member, a lump sum amount shall be paid to such person as the
member has nominated by written designation, filed with the board; otherwise
to the
member's
estate, such
payment shall be made in accordance with the rules of intestacy established by
Code Section 53-2-1. Such lump sum amount
shall be equal to the total amount credited to the member's account on the date
of the member's death."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.