06 LC 21
8657
House
Bill 1151
By:
Representatives Cole of the
125th,
Roberts of the
154th,
Smith of the
129th,
and Golick of the
34th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 18 of Title 45 of the Official Code of Georgia
Annotated, relating to deferred compensation plans, so as to provide that the
Board of Trustees of the
Employeeś
Retirement System of Georgia shall be the successor to the Employee Benefit
Council for the purpose of administering certain deferred compensation plans; to
provide for the transfer of certain accounts and funds; to provide an effective
date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
2 of Chapter 18 of Title 45 of the Official Code of Georgia Annotated, relating
to deferred compensation plans, is amended by striking in its entirety Code
Section 45-18-38, relating to Board of Trustees of the
Employeeś
Retirement System to be the successor to the State Personnel Board for
administration of deferred compensation plans and employment of and contracting
with agents, and inserting in lieu thereof the following:
∀45-18-38.
(a)
Effective July 1, 2005, the Board of Trustees of the
Employeeś
Retirement System of Georgia shall be the successor to the State Personnel Board
for the purpose of administering any
defined
deferred
compensation plan provided to employees as referenced in Code Sections 45-18-32
and 45-18-33. The State Personnel Board shall transfer individual accounts,
associated funds, and any other applicable information in a manner prescribed by
the Board of Trustees of the
Employeeś
Retirement System of Georgia no later than September 30, 2005.
(b)
The Board of Trustees of the
Employeeś
Retirement System of Georgia shall be the successor to the Employee Benefit
Council for the purpose of administering any deferred compensation plan provided
to employees as referenced in Code Section 45-18-52. The Employee Benefit
Council shall transfer individual accounts, associated funds, and any other
applicable information in a manner prescribed by the Board of Trustees of the
Employeeś
Retirement System of Georgia.
(c)
The Board of Trustees of the
Employeeś
Retirement System of Georgia is authorized to employ agents and to contract with
such agents for their services as investment advisors and counselors who will
make recommendations for investments and make investments as the board of
trustees so
authorizes.∀
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.