05 LC 21
8263
House
Bill 645
By:
Representatives Coleman of the
97th,
Bridges of the
10th,
and Cummings of the
16th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-4-101 of the Official Code of Georgia Annotated, relating
to retirement benefits payable upon normal, early, or delayed retirement under
the Public School Employees Retirement System, so as to increase the minimum and
maximum allowable retirement 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 47-4-101 of the Official Code of Georgia Annotated, relating to
retirement benefits payable upon normal, early, or delayed retirement under the
Public School Employees Retirement System, is amended by striking in its
entirety paragraph (1) of subsection (b) and inserting in lieu thereof the
following:
"(b)(1)
Upon retirement on the normal retirement date, a member shall receive a monthly
retirement benefit, payment of which shall commence on the effective date of
retirement and which shall be payable on the first day of each month thereafter
during the
membeŕs
lifetime. The amount of each monthly retirement payment shall be
$15.00
$20.00
multiplied by the number of the
membeŕs
years of creditable service. The retirement benefit provided under this
subsection shall be payable to those members who have already retired under this
chapter as well as those members who retire in the future. If the General
Assembly at any time appropriates funds expressly intended to fund the benefits
provided in this subsection and such amount so appropriated is not sufficient to
fund the maximum amount allowable, then the retirement benefit otherwise payable
under this subsection shall be reduced pro rata by the board in accordance with
the funds actually appropriated by the General Assembly for such purpose, but in
no event shall the retirement benefit be less than
$12.00
$13.00
multiplied by the
membeŕs
years of creditable
service."
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repealed in its entirety on July 1, 2006, as required by subsection (a) of Code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.