06 LC 21
8479S
The
House Committee on Retirement offers the following substitute to HB
554:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 3 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement benefits in the
Teachers Retirement System of Georgia, so as to provide that a member with at
least ten years of creditable service shall be entitled to receive creditable
service for a prior period of employment while participating in the Regents
Retirement Plan; to provide for application and payment of the full actuarial
value of granting such creditable service; 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
5 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement benefits in the Teachers Retirement
System of Georgia, is amended by inserting at the end thereof the
following:
"47-3-96.
(a)
Any member of this retirement system with at least ten years of creditable
service may obtain creditable service for prior service as an employee of the
Board of Regents during which time such member participated in the Regents
Retirement Plan created by Chapter 21 of this title. In order to obtain such
additional creditable service, such member must:
(1)
Make application to the board of trustees in such manner as the board deems
appropriate; and
(2)
Pay to the board of trustees such amount as determined by the actuary as
necessary to grant such benefit without creating any actuarial accrued liability
as to this retirement system.
(b)
Upon receipt of an application for additional creditable service, the board of
trustees shall certify to the applicant the amount of the payment required by
paragraph (2) of subsection (a) 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repealed in its entirety on July 1, 2006, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.