HB 850 - Public School Employees Ret; certain spousal benefits

Georgia House of Representatives - 1995/1996 Sessions

HB 850 - Public School Employees Ret; certain spousal benefits

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House Comm: Ret / Senate Comm: / House Vote: Yeas Nays Senate Vote: Yeas Nays ---------------------------------------- House Action Senate ---------------------------------------- 2/27/95 Read 1st Time 2/28/95 Read 2nd Time ---------------------------------------- Code Sections amended:
HB 850 LC 21 2928 A BILL TO BE ENTITLED AN ACT 1- 1 To amend Code Section 47-4-102 of the Official Code of 1- 2 Georgia Annotated, relating to optional retirement benefits 1- 3 under the Public School Employees Retirement System, so as 1- 4 to provide that a member who is unmarried at the time of 1- 5 retirement and who subsequently marries may establish 1- 6 spouse's benefits for his or her spouse; to provide 1- 7 conditions for an effective date and automatic repeal; to 1- 8 repeal conflicting laws; and for other purposes. 1- 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: SECTION 1. 1-10 Code Section 47-4-102 of the Official Code of Georgia 1-11 Annotated, relating to optional retirement benefits under 1-12 the Public School Employees Retirement System, is amended by 1-13 inserting immediately following subsection (e) a new 1-14 subsection to read as follows: 1-15 "(f)(1) As used in this subsection, the term 'retired 1-16 member' means a person retired under this chapter who 1-17 was unmarried at the time of his or her retirement. 1-18 (2) In the event a retired member marries subsequent to 1-19 his or her retirement, the retired member may elect to 1-20 begin receiving an actuarially reduced benefit of 1-21 equivalent value and establish on behalf of the spouse 1-22 Option A or B. 1-23 (3) This subsection applies to retired members who 1-24 retired at any time prior to July 1, 1996, as well as to 1-25 those who retire on or after that date." SECTION 2. 1-26 This Act shall become effective on July 1, 1996, only if it 1-27 is determined to have been concurrently funded as provided 1-28 in Chapter 20 of Title 47 of the Official Code of Georgia 1-29 Annotated, the "Public Retirement Systems Standards Law"; 1-30 otherwise, this Act shall not become effective and shall be -1- (Index) LC 21 2928 2- 1 automatically repealed in its entirety on July 1, 1996, as 2- 2 required by subsection (a) of Code Section 47-20-50. SECTION 3. 2- 3 All laws and parts of laws in conflict with this Act are 2- 4 repealed. -2- (Index)

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