05 LC 18
3930
House
Bill 125
By:
Representative Jamieson of the
28th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-41 of the Official Code of Georgia Annotated, relating
to the annuity savings fund of the Teachers Retirement System of Georgia, so as
to provide that the board of trustees of such retirement system shall be
authorized, under certain conditions, to establish an
employeés
contribution rate at not less than 3 percent nor more than 6 percent of the
membeŕs
compensation; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-3-41 of the Official Code of Georgia Annotated, relating to the
annuity savings fund of the Teachers Retirement System of Georgia, is amended by
striking in its entirety paragraph (1) of subsection (a) and inserting in lieu
thereof the following:
"(1)
After the commencement date, each employer shall cause to be deducted from the
salary of each member for each and every payroll period a percentage of the
membeŕs
earnable compensation as determined by the board of trustees which shall be not
less than
5
3
nor more than 6 percent;
but
no
provided,
however, that any reduction in such percentage shall be based upon the
recommendation of the actuary of the board of trustees, the maintenance of the
actuarial soundness of the fund in accordance with the standards provided in
Code Section 47-20-10 or such higher standards as may be adopted by the board,
and such other factors as the board deems relevant.
No such deduction shall be made from the
compensation of a member after the close of the school, fiscal, or contract year
in which the member has attained age 65 and has completed 40 or more years of
creditable service. In determining the amount earnable by a member in a payroll
period, the employer may consider the annual rate of compensation payable to
such member on the first day of the payroll period as continuing throughout such
payroll period. The employer may omit the deduction from compensation for any
period which is less than a full payroll period, if a teacher was not a member
on the first day of the payroll period. In order to facilitate the making of
deductions, the employer may modify the deductions required of any member by an
amount not to exceed one-tenth of 1 percent of the annual compensation, on the
basis of which such deductions are to be made. Each employer shall immediately
pay the amount deducted to the board of trustees, in such manner as the board of
trustees shall prescribe, which amount shall be credited by the board of
trustees to the individual accounts in the annuity savings fund of the member
from whose compensation the deductions were made. Beginning July 1, 1987, the
employee contributions required under this paragraph shall be paid as provided
in Code Section
47-3-41.1;"
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.