05 LC 18
3931
House
Bill 127
By:
Representatives Jamieson of the
28th,
Powell of the
29th,
and Bearden of the
68th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-120 of the Official Code of Georgia Annotated, relating
to allowance on service retirement in the Teachers Retirement System of Georgia,
so as to increase the retirement allowance multiplier; 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 47-3-120 of the Official Code of Georgia Annotated, relating to
allowance on service retirement in the Teachers Retirement System of Georgia, is
amended by striking subsection (a) and inserting in its place a new subsection
(a) to read as follows:
"(a)
Upon service retirement, a member shall receive an allowance which shall consist
of:
(1)
An annuity which shall be the actuarial equivalent of the
membeŕs
accumulated contributions at the time of retirement; and
(2)
An annual pension which, together with the annuity set forth in paragraph (1) of
this subsection, shall provide a total allowance equal to
2
2.5
percent of the
membeŕs
average compensation over the two consecutive years of membership service
producing the highest such average, multiplied by the number of the
membeŕs
years of creditable service, not to exceed 40. The computation of average
compensation for the purposes of this paragraph shall be subject to the
requirements of subsection (d) of this Code
section."
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repealed in its entirety on July 1, 2006, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.