05 LC 21
8076
House
Bill 400
By:
Representatives Coleman of the
97th,
Cummings of the
16th,
Bridges of the
10th,
Meadows of the
5th,
Maddox of the
172nd,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 7 of Chapter 3 of Title 47 of the Official Code of Georgia
Annotated, relating to retirement allowances, disability benefits, and
spouseś
benefits in the Teachers Retirement System of Georgia, so as to provide for a
postretirement benefit increase; to provide for applicability; 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.
Article
7 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to retirement allowances, disability benefits, and
spouseś
benefits in the Teachers Retirement System of Georgia, is amended by inserting
immediately following Code Section 47-3-126.3 a new Code section to read as
follows:
∀47-3-126.4.
(a)
As used in this Code section, the term 'beneficiary' shall have the meaning
specified in paragraph (7) of Code Section 47-3-1 and shall also mean and
include any retired public school teacher who retired pursuant to any county,
municipal, or local board of education retirement or pension
system.
(b)
Subject to the limitations of subsection (c) of this Code section, effective
July 1, 2006, the monthly retirement benefit of each beneficiary shall be
increased by a percentage which varies in accordance with the time of retirement
as follows:
|
Time
of Retirement
|
Percentage
Increase
|
|
|
Prior
to July 1, 1974
|
10.0
|
|
|
July
1, 1974, through June 30, 1982
|
6.0
|
|
|
July
1, 1982, through June 30, 1987
|
2.0
|
|
|
After
June 30, 1987
|
0.0
|
|
(c)
The full percentage increase provided for in subsection (b) of this Code section
shall apply only to those beneficiaries who had 20 or more years of creditable
service at the time of retirement. For those beneficiaries who had at least ten
but less than 20 years of creditable service at the time of retirement, the
monthly benefit increase provided for by subsection (b) of this Code section
shall be reduced by 5 percent for each year less than 20 years of creditable
service. Beneficiaries who had less than ten years of creditable service shall
not receive an increase in their monthly retirement benefit under this Code
section.∀
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.