hb381_LC_21_8116_a

hb381_LC_21_8116_a_2.html

05 LC 21 8116

House Bill 381

By: Representatives Bridges of the 10th and Cummings of the 16th

A BILL TO BE ENTITLED
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.