hb486.html

05 LC 21 8130

House Bill 486

By: Representatives Heard of the 114th and Kidd of the 115th

A BILL TO BE ENTITLED
AN ACT

To amend Article 4 of Chapter 23 of Title 47 of the Official Code of Georgia Annotated, relating to service creditable under the Georgia Judicial Retirement System, so as to provide that a member of such retirement system who is a vested member in a local retirement system and who has not withdrawn his or her contributions shall be entitled to have all of the employer and employee contributions paid by or on behalf of such member transferred to the Georgia Judicial Retirement System; to provide that such member shall be credited with such creditable service in this retirement system as the amount so transferred will warrant without creating any accrued actuarial unfunded liability as to the retirement system; 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.

Article 4 of Chapter 23 of Title 47 of the Official Code of Georgia Annotated, relating to service creditable under the Georgia Judicial Retirement System, is amended by inserting at the end thereof a new Code section to read as follows:

"47-23-65.

(a) A member of this retirement system who prior to becoming a member was a vested member in a local retirement system of this state and who has not withdrawn his or her contributions from such retirement system shall be entitled to have all of the employer and employee contributions paid by or on behalf of such member transferred from the local retirement system to this retirement system.

(b) Any member wishing to have funds transferred as provided in subsection (a) of this Code section shall notify the board of trustees of the local retirement system and the board of trustees of this retirement system. Such notice shall be given not later than December 31, 2006, or within 90 days of becoming a member of this retirement system, whichever is later. Within 60 days of such notice, the local retirement system shall transfer the higher of:

(1) The employer and employee contributions paid by or on behalf of such member, together with 5 percent per annum compounded annually; or

(2) The present value of the membeŕs anticipated benefit, using the actuarial equivalence and the mortality table adopted by the local retirement system,

to the board of trustees of this retirement system. The member shall then be credited with such creditable service in this retirement system as the amount so transferred will warrant without creating any accrued actuarial unfunded liability as to this retirement system."

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.