05 LC 21
8116/AP
House
Bill 381 (AS PASSED HOUSE AND SENATE)
By:
Representatives Bridges of the
10th
and Cummings of the
16th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-121 of the Official Code of Georgia Annotated, relating
to optional retirement allowances, so as to make technical corrections of
certain conflicting provisions; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-2-121 of the Official Code of Georgia Annotated, relating to optional
retirement allowances, is amended by striking in its entirety subsection (e.4)
and inserting in lieu thereof the following:
"(e.4)
Option
five
six
shall consist of a reduced retirement allowance together with a partial lump sum
distribution. This option may be elected by any retiring member including
members electing another optional allowance under this Code section except that
this option shall not be available to members retiring pursuant to Code Section
47-2-123 or members subject to the requirements of subsection (e) of Code
Section 47-2-120. The amount of the lump sum distribution under this subsection
may not exceed the sum of 36 months of the monthly retirement allowance the
retiring member would have received had he or she not elected the partial lump
sum option. The partial lump sum distribution will be made as a single payment
payable at the time the first monthly retirement allowance is paid to the
retired
member."
SECTION
2.
Said
Code section is further amended by striking in its entirety subsection (i) and
inserting in lieu thereof the following:
"(i)
Whenever any retired member was unmarried at the time of retirement and he or
she has elected an optional allowance under this Code section and
one or more
children are designated
has named a
designated beneficiary or beneficiaries to
receive all amounts and benefits upon the death of the retired member, the
retired member may revoke the election at any time after the member marries or
remarries and designate the current spouse as the person to receive all amounts
and benefits upon the death of the retired member. In such event, the member
shall receive the applicable actuarially reduced retirement benefit of
equivalent actuarial value and establish on behalf of the new spouse
the same
option which was applicable to the previously appointed child or
children
optional
allowance two, three, four, or five, as provided in this Code
section. Upon the death of such spouse or
upon the entry of a final order of divorce, the provisions of subsection (h) of
this Code section shall become
applicable."
SECTION
3.
Said
Code section is further amended by striking in its entirety paragraph (2) of
subsection (j) and inserting in lieu thereof the following:
"(2)
Upon the death of the person designated by the retired member to receive
continuing monthly retirement benefits under option two, three, four,
or
five, or
six and then the death of the retired
member, if the total monthly benefits paid to the retired member prior to his or
her death, including any partial lump-sum distribution, do not equal or exceed
the retired
membeŕs
accumulated contributions at the time of his or her retirement, the difference
shall be refunded to the person designated in writing by the retired member to
receive such a refund of this difference. If the person designated by the
retired member to receive a refund of this difference also predeceases the
retired member, or if such designees are the same person, or if no person is
designated to receive a refund of this difference, this difference shall be paid
to the estate of the retired
member."
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.