HB 671 - Teachers Retirement; 25 years service; 50 years of age

Georgia House of Representatives - 1995/1996 Sessions

HB 671 - Teachers Retirement; 25 years service; 50 years of age

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House Comm: Ret / Senate Comm: / House Vote: Yeas Nays Senate Vote: Yeas Nays ---------------------------------------- House Action Senate ---------------------------------------- 2/9/95 Read 1st Time 2/10/95 Read 2nd Time ---------------------------------------- Code Sections amended:
HB 671 LC 21 3254 A BILL TO BE ENTITLED AN ACT 1- 1 To amend Chapter 3 of Title 47 of the Official Code of 1- 2 Georgia Annotated, relating to the Teachers Retirement 1- 3 System of Georgia, so as to change the minimum age of 1- 4 retirement under such system; to remove a certain penalty 1- 5 for retirement under the age of 60 years; to provide 1- 6 conditions for an effective date and automatic repeal; to 1- 7 repeal conflicting laws; and for other purposes. 1- 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: SECTION 1. 1- 9 Chapter 3 of Title 47 of the Official Code of Georgia 1-10 Annotated, relating to the Teachers Retirement System of 1-11 Georgia, is amended by striking in its entirety subsection 1-12 (a) of Code Section 47-3-101, relating to eligibility and 1-13 application for retirement under such retirement system, and 1-14 inserting in lieu thereof the following: 1-15 "(a) Any member in service may retire upon written 1-16 application to the board of trustees, provided that the 1-17 member at the time of retirement: (1) has attained the age 1-18 of 60 years and has at least ten years of creditable 1-19 service, (2) has at least 30 years of creditable service, 1-20 or (3) has attained the age of 55 50 years and has at 1-21 least 25 years of creditable service. The effective date 1-22 of retirement will be the first of the month in which the 1-23 application is received by the board of trustees; except 1-24 that no retirement application will be effective earlier 1-25 than the first of the month following the final month of 1-26 the applicant's employment. Applications for retirement 1-27 will not be accepted more than 180 days in advance of the 1-28 effective date of retirement." SECTION 2. 1-29 Said chapter is further amended by striking in its entirety 1-30 subsection (b) of Code Section 47-3-120, relating to 1-31 allowances on a service retirement under such retirement 1-32 system, and inserting in lieu thereof the following: -1- (Index) LC 21 3254 2- 1 "(b) In the case of any member who has less than 30 years 2- 2 of creditable service and if such member has not reached 2- 3 the age of 60 years upon retirement, the service allowance 2- 4 set forth in subsection (a) of this Code section shall be 2- 5 reduced by the lesser of one-twelfth of 7 percent for each 2- 6 month by which his age at the time of retirement is below 2- 7 60 years or by 7 percent for each year or fraction of a 2- 8 year by which the member has less than 30 years of 2- 9 creditable service at the time of retirement. This 2-10 reduction shall not apply in calculating the service 2-11 allowance for disability retirement or death. Any member 2-12 who retired with 30 or more years of creditable service 2-13 and whose retirement benefits were reduced because such 2-14 member retired at an age below the normal retirement age 2-15 in effect at the time such member retired shall be 2-16 entitled to an adjusted retirement benefit based upon a 2-17 calculation made without the application of the age 2-18 reduction factor. Any member retiring with less than 30 2-19 years of creditable service or who has not obtained 2-20 attained the age of 60 at the time of retirement shall not 2-21 become eligible for postretirement benefit adjustments as 2-22 provided in Code Section 47-3-126 until such time as the 2-23 member reaches the age of 60 or would have obtained 30 2-24 years of creditable service, whichever occurs earlier." SECTION 3. 2-25 This Act shall become effective on July 1, 1996, only if it 2-26 is determined to have been concurrently funded as provided 2-27 in Chapter 20 of Title 47 of the Official Code of Georgia 2-28 Annotated, the "Public Retirement Systems Standards Law"; 2-29 otherwise, this Act shall not become effective and shall be 2-30 automatically repealed in its entirety on July 1, 1996, as 2-31 required by subsection (a) of Code Section 47-20-50. SECTION 4. 2-32 All laws and parts of laws in conflict with this Act are 2-33 repealed. -2- (Index)

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