07 LC 21
9138
House
Bill 106 (AS PASSED HOUSE AND SENATE)
By:
Representatives Bridges of the
10th
and Maxwell of the
17th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-17-80 of the Official Code of Georgia Annotated, relating
to retirement benefit options under the Peace Officers’ Annuity and
Benefit Fund, payment to surviving spouse, requirements, effect of reemployment,
effect of changes in retirement benefits, and payments on death of a member, so
as to provide that certain benefit options shall be calculated on the interest
rate and mortality basis approved from time to time by the board and by other
factors; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-17-80 of the Official Code of Georgia Annotated, relating to
retirement benefit options under the Peace Officers’ Annuity and Benefit
Fund, payment to surviving spouse, requirements, effect of reemployment, effect
of changes in retirement benefits, and payments on death of a member, is
amended by revising subsections (c) and (d) as follows:
"(c)
Option Two shall consist of a 100 percent joint life annuity payable during the
life of the member or the member´s spouse. The amount of monthly payment to
be paid under this option shall be based on the date the member first becomes
eligible to receive pension benefits (normal retirement date) and shall be
computed so as to be actuarially equivalent to the monthly retirement payment
which would have been paid to the member under Option One. Such actuarial
equivalence shall be computed on
the
Mortality Table GA 51, with projection, using interest at 6 percent per annum,
with a five-year age setback for females and monthly payment annuity functions.
The application, age, and service requirements for this option shall be the same
as for Option One
the interest
rate and mortality basis approved from time to time by the board, the age of the
member, and, if applicable, the age of his or her spouse as of the date benefits
are to commence or as of the date benefits would have commenced if the member
had retired after first becoming eligible for full benefits, whichever is
earlier.
(d)
Option Three shall consist of a contingency life annuity with a 50 percent
monthly payment to the surviving spouse. The amount of monthly payment to be
paid under this option shall be based on the date the member first becomes
eligible to receive pension benefits (normal retirement date) and shall be
computed so as to be actuarially equivalent to the monthly retirement payment
which would have been paid to the member under Option One. Such actuarial
equivalence shall be computed on
the
Mortality Table GA 51, with projection, using interest at 6 percent per annum,
with a five-year age setback for females and monthly payment annuity functions.
The application, age, and service requirements for this option shall be the same
as for Option One
the interest
rate and mortality basis approved from time to time by the board, the age of the
member, and, if applicable, the age of his or her spouse as of the date benefits
are to commence or as of the date benefits would have commenced if the member
had retired after first becoming eligible for full benefits, whichever is
earlier."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.