05 LC 18
3928
House
Bill 129
By:
Representative Jamieson of the
28th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to the Teachers Retirement System of Georgia, so as to provide for a service
retirement upon the attainment of 29 years of 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.
Chapter
3 of Title 47 of the Official Code of Georgia Annotated, relating to the
Teachers Retirement System of Georgia, is amended by striking in its entirety
subsection (b) of Code Section 47-3-102, relating to early retirement after 30
yearś
service and related matters, and inserting in lieu thereof the
following:
"(b)
Notwithstanding the provisions of subsection (a) of Code Section 47-3-101, a
member employed pursuant to a contract for each school year who will attain
30
29
years of creditable service by not later than the thirty-first day of December
of the ensuing school year shall be eligible to retire effective on the first
day of September nearest to the opening date of the ensuing school year on the
basis of
30
29
years of creditable service, subject to the following conditions and
requirements:
(1)
The member must apply for early retirement pursuant to the authority of this
Code section to the board of trustees, with a copy of such application being
sent to the
membeŕs
employer, by not later than the first day of May immediately preceding the
opening date of the ensuing school year; and
(2)
The member must pay to the board of trustees an amount determined by the board
of trustees to be sufficient to cover the full actuarial cost of granting early
retirement as provided in this Code
section."
SECTION
2.
Said
chapter is further amended by striking in its entirety subsection (b) of Code
Section 47-3-120, relating to allowance on service retirement under the Teachers
Retirement System of Georgia and related matters, and inserting in lieu thereof
the following:
"(b)
In the case of any member who has less than
30
29
years of creditable service and if such member has not reached the age of 60
years upon retirement, the service allowance set forth in subsection (a) of this
Code section shall be reduced by the lesser of one-twelfth of 7 percent for each
month by which his
or
her age at the time of retirement is below
60 years or by 7 percent for each year or fraction of a year by which the member
has less than
30
29
years of creditable service at the time of retirement. This reduction shall not
apply in calculating the service allowance for disability retirement or death.
Any member who retired with
30
29
or more years of creditable service and whose retirement benefits were reduced
because such member retired at an age below the normal retirement age in effect
at the time such member retired shall be entitled to an adjusted retirement
benefit based upon a calculation made without the application of the age
reduction factor. Any member retiring with less than
30
29
years of creditable service or who has not obtained the age of 60 at the time of
retirement shall not become eligible for postretirement benefit adjustments as
provided in Code Section 47-3-126 until such time as the member reaches the age
of 60 or would have obtained
30
29
years of creditable service, whichever occurs
earlier."
SECTION
3.
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
4.
All
laws and parts of laws in conflict with this Act are repealed.