DEPARTMENT
OF
AUDITS
AND
ACCOUNTS
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
Russell W.
Hinton
State Auditor
(404) 656-2174
State Auditor
(404) 656-2174
February
3, 2009
The
Honorable Bill Jackson
State Senator
Coverdell Legislative Office Building, Room 319-A
Atlanta, Georgia 30334
SUBJECT: State Auditor’s Certification
Senate Bill (LC 21 0246)
Dear Senator Jackson:
State Senator
Coverdell Legislative Office Building, Room 319-A
Atlanta, Georgia 30334
SUBJECT: State Auditor’s Certification
Senate Bill (LC 21 0246)
Dear Senator Jackson:
This
bill would amend provisions relating to creditable service under the
Employees’ Retirement System. Specifically, this bill would, once again,
provide an opportunity for members to obtain creditable service for military
service that occurred while the draft was in effect. Under the current law, the
deadline to make such application to the board of trustees was December 31,
2003. If this legislation is enacted, the deadline to submit an application for
creditable service would be extended to December 31, 2010. Eligible members may
receive up to two years of creditable service. Members wishing to obtain such
creditable service must pay the regular employee contribution of 5 percent of
the compensation last paid to such member as an employee before entering
military service or 5 percent of the compensation first paid to such member as
an employee after returning from military service, plus 4 ½ percent
interest on such employee contributions, compounded annually.
This
is to certify that this bill is a fiscal retirement bill as defined in the
Public Retirement Systems Standards Law.
Respectfully,
/s/
Russell W. Hinton
State Auditor
State Auditor
RWH/cs