06 LC 21
8630S
House
Bill 400 (COMMITTEE SUBSTITUTE)
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 authorize
certain county, municipal, or local boards of education to provide a benefit
increase; 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.
(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.
(d)
Any county, municipal, or local board of education is authorized, but not
required, to provide a postretirement benefit increase as provided in this Code
section to any teacher who retired under a public retirement system or fund
maintained by such county, municipal, or local board of education, provided
that:
(1)
The actuary for the fund certifies that such increase would not result in any
unfunded accrued liability as to such retirement system; or
(2)
The affected political subdivision appropriates sufficient funds to cover the
actuarial cost of granting such
benefit."
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.