07 LC 21
9534
House
Bill 876
By:
Representatives Coleman of the
97th,
Bridges of the
10th,
and Buckner of the
130th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 7 of Chapter 3 of Title 47 of the Official Code of Georgia
Annotated, relating to retirement allowances, disability benefits, and
spouses´ benefits under the Teachers Retirement System of Georgia, so as to
provide a postretirement benefit increase to certain retired members; to provide
for related matters; 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
7 of Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to retirement allowances, disability benefits, and spouses´ benefits under
the Teachers Retirement System of Georgia, is amended by adding a new Code
section to read as follows:
"47-3-126.5.
(a)
As used in this Code section, the term 'beneficiary' shall have the meaning
specified in paragraph (7) of Code Section 47-3-1.
(b)
Subject to the limitations of subsection (c) of this Code section, effective
July 1, 2008, the monthly retirement benefit of each beneficiary who retired on
or after July 1, 1987, but before July 1, 1995, shall be increased by 2
percent
(c)
The full percentage increase provided for in subsection (b) of this Code section
shall apply only to those beneficiaries who had 20 or more years of creditable
service at the time of retirement. For those beneficiaries who had at least ten
but less than 20 years of creditable service at the time of retirement, the
monthly benefit increase provided for by subsection (b) of this Code section
shall be reduced by 5 percent for each year less than 20 years of creditable
service. Beneficiaries who had less than ten years of creditable service shall
not receive an increase in their monthly retirement benefit under this Code
section.
(d)
Any county, municipal, or local board of education is authorized, but not
required, to provide a postretirement benefit increase as provided in this Code
section to any teacher who retired under a public retirement system or fund
maintained by such county, municipal, or local board of education, provided
that:
(1)
The actuary for the fund certifies that such increase would not result in any
unfunded accrued liability as to such retirement system; or
(2)
The affected political subdivision appropriates sufficient funds to cover the
actuarial cost of granting such benefit."
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.