07 LC 21
9530
House
Bill 865
By:
Representative Parsons of the
42nd
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 in the
Teachers Retirement System of Georgia, so as to provide that a member shall be
entitled to receive creditable service for a prior period of employment while
participating in the Regents Retirement Plan; to provide for application and
payment of 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 in the Teachers Retirement
System of Georgia, is amended by inserting at the end thereof a new Code
section to read as follows:
"47-3-96.
Any
member of this retirement system may obtain creditable service for prior service
as an employee of the Board of Regents during which time such member
participated in the Regents Retirement Plan created by Chapter 21 of this title.
In order to obtain such additional creditable service, the member
must:
(1)
Make application to the board of trustees in such manner as the board deems
appropriate; and
(2)
Pay to the board of trustees the employee contribution which he or she would
have made if he or she had been a member of this retirement system during the
period requested, together with regular interest thereon."
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repealed in its entirety on July 1, 2008, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.