05 LC 21
8009
Senate
Bill 66
By: Senators Henson of the 41st and Tate of the 38th
By: Senators Henson of the 41st and Tate of the 38th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 2 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement benefits under the
Employees´ Retirement System of Georgia, so as to provide that a member who
has withdrawn contributions from the Employees´ Retirement System of
Georgia or the Teachers Retirement System of Georgia may reestablish creditable
service without a waiting period; 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 2 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement benefits under the Employees´
Retirement System of Georgia, is amended by striking in its entirety Code
Section 47_2_92, relating to reestablishment of service credit after withdrawal
of accumulated contributions from the retirement system or the Teachers
Retirement System of Georgia and payments required to obtain credit, and
inserting in lieu thereof the following:
"47_2_92.
Any
present member who has withdrawn accumulated contributions from either the
Employees´ Retirement System of Georgia or the Teachers Retirement System
of Georgia, or both,
may, after
two years of service as a contributing
member, reestablish the creditable service
for which the member would have been eligible if the accumulated contributions
had not been withdrawn, provided that the member repays into the retirement
system an amount equal to the amount withdrawn, together with regular interest
at the rate of 4 1/4 percent per annum from the date of withdrawal to the date
of repayment, which interest shall be placed in the pension accumulation fund.
Upon receipt of notice from this retirement system to the Teachers Retirement
System of Georgia that a member has repaid to this retirement system
contributions previously withdrawn from the Teachers Retirement System of
Georgia, the Teachers Retirement System of Georgia shall pay an employer
contribution plus regular interest into the Employees´ Retirement System of
Georgia. The amount of the employer contribution shall be 6 percent of the
reported compensation of the member during membership in the Teachers Retirement
System of
Georgia."
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.