07 LC 21
9306
House
Bill 491
By:
Representative Porter of the
143rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 3 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement benefits under the
Teachers Retirement System of Georgia, so as to provide that members of such
retirement system may obtain creditable service for prior service in public
schools; to provide for conditions; to provide for the payment of employer and
employee contributions; 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
5 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement benefits under the Teachers Retirement
System of Georgia, is amended by revising Code Section 47-3-95, relating to
creditable service for service in private schools, as follows:
"47-3-95.
A
member who has completed at least five consecutive years of membership service
in the public schools of Georgia or the University System of Georgia immediately
prior to applying may obtain up to ten years of creditable service for service
as a teacher in a private elementary or secondary school or any private college
or university located in the state accredited by the Southern Association of
Colleges and Schools, the Georgia Accrediting Association, or a nationally
recognized accrediting agency by the State Board of Education. Such service
credit shall be allowed on the basis of one year of credit for such service for
each additional year of membership service in the public schools of Georgia or
the University System of Georgia. A member wishing to obtain such creditable
service shall provide documentation and pay to the board of trustees
such amount
as determined by the actuary as necessary to grant such benefit without creating
any accrued actuarial liability as to this retirement
system
the employer
and employee contributions which would have been paid to the retirement system
during the period of time claimed as creditable service based on the
member´s earnable compensation at the time of making application for
creditable service plus regular interest thereon compounded annually from the
time the service was rendered until the date of
payment."
SECTION
2.
This
Act shall become effective on July 1, 2008, 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, 2008, 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.