05 LC 21
8450
House
Bill 936
By:
Representatives Lunsford of the
110th,
Millar of the
79th,
Watson of the
91st,
Mangham of the
94th,
Stephenson of the
92nd,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-121, relating to optional retirement allowances under
the Teachers Retirement System of Georgia, election of such options, and
revocation of election, so as to provide that a member who upon retirement
elects
survivoŕs
benefits for a spouse and another may, in the event of divorce, revoke such
election as to the spouse; to provide that the beneficiaries other than the
spouse shall continue to be entitled to a
survivoŕs
benefit; to provide for a recalculation of the
membeŕs
benefit; 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 47-3-121, relating to optional retirement allowances under the Teachers
Retirement System of Georgia, election of such options, and revocation of
election, is amended by inserting at the end thereof the following:
"(l)
If a member has elected an optional allowance under this Code section and has
nominated his or her spouse and one or more other persons to receive all amounts
and benefits payable on or after his or her death as a result of such election,
then after the entry of a final judgment of complete divorce from the spouse so
nominated the member may revoke the election as to such spouse. Upon any such
revocation, all beneficiaries other than the spouse shall continue to be
entitled to receive the same percentage of the
membeŕs
retirement allowance they had before the revocation. The
membeŕs
benefit shall return to the allowance which would otherwise payable to him or
her if he or she had not elected such option, reduced to compensate for the
remaining
survivoŕs
benefit as determined by an
actuary."
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repealed in its entirety on July 1, 2006, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.