05 LC 18
3933
House
Bill 126
By:
Representative Jamieson of the
28th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-101 of the Official Code of Georgia Annotated, relating
to eligibility and application for retirement under the Teachers Retirement
System of Georgia, duration of benefits paid to a retired member, and payment to
maintain such retirement system, so as to provide that a member with at least
five years of membership service shall be vested for a benefit; to provide
conditions for an effective date and automatic repeal; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-3-101 of the Official Code of Georgia Annotated, relating to
eligibility and application for retirement under the Teachers Retirement System
of Georgia, duration of benefits paid to a retired member, and payment to
maintain such retirement system, is amended by striking in its entirety
subsection (a) and inserting in lieu thereof the following:
"(a)
Any member in service may retire upon written application to the board of
trustees, provided that the member at the time of retirement: (1) has attained
the age of 60 years and has at least
ten
five
years of creditable
membership
service, or (2) has at least 25 years of creditable service. The effective date
of retirement will be the first of the month in which the application is
received by the board of trustees; except that no retirement application will be
effective earlier than the first of the month following the final month of the
applicant́s
employment. Applications for retirement will not be accepted more than 180 days
in advance of the effective date of
retirement."
SECTION
2.
This
Act shall become effective on July 1, 2006, only if it is determined to have
been concurrently funded as provided in Chapter 20 of Title 47 of the Official
Code of Georgia Annotated, the "Public Retirement Systems Standards Law";
otherwise, this Act shall not become effective and shall be automatically
repealed in its entirety on July 1, 2006, as required by subsection (a) of Code
Section 47-20-50.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.