05 LC 21
8097
Senate
Bill 161
By:
Senators Heath of the 31st and Hudgens of the 47th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-98 of the Official Code of Georgia Annotated, relating
to creditable service for a member of the Employees´ Retirement System of
Georgia who was an officer or employee of the Georgia Housing and Finance
Authority, so as to authorize the member seeking creditable service to make
payment to the board of trustees of such retirement system; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-2-98 of the Official Code of Georgia Annotated, relating to
creditable service for a member of the Employees´ Retirement System of
Georgia who was an officer or employee of the Georgia Housing and Finance
Authority, is amended by striking in its entirety paragraph (2) of subsection
(b) and inserting in lieu thereof the following:
"(2)
A member subject to this Code section shall have the option to transfer all or a
portion of his or her vested interest in the pension plan maintained by the
authority prior to the date he or she became a member of this retirement system
to satisfy all or a portion of the cost to receive creditable service allowed
pursuant to paragraph (1) of this subsection. Any funds transferred pursuant to
such option shall be credited to the officer´s or employee´s annuity
account established by the retirement system. The
authority
member
shall be authorized, but not required, to supplement such amount so transferred.
The member shall receive such creditable service as the combination of funds so
transferred or paid would warrant without creating any additional accrued
liability of the retirement system, up to the maximum amount of creditable
service allowed by paragraph (1) of this
subsection."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.