05 LC 18
3932
House
Bill 131
By:
Representative Jamieson of the
28th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-120 of the Official Code of Georgia Annotated, relating
to allowance on service retirement in the Teachers Retirement System of Georgia,
so as to eliminate a penalty for early retirement; 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 47-3-120 of the Official Code of Georgia Annotated, relating to
allowance on service retirement in the Teachers Retirement System of Georgia, is
amended by striking subsection (b) and inserting in its place a new subsection
to read as follows:
"(b)
In the case
of any member who has less than 30 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 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 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 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 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 years of creditable service, whichever occurs
earlier
Reserved."
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repealed in its entirety on July 1, 2006, as required by subsection (a) of Code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.