DEPARTMENT
OF
AUDITS
AND
ACCOUNTS
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
Russell W.
Hinton
State Auditor
(404) 656-2174
State Auditor
(404) 656-2174
February
26, 2007
The Honorable Bill
Heath
State Senator
State Capitol, Room 109
Atlanta, Georgia 30334
State Senator
State Capitol, Room 109
Atlanta, Georgia 30334
SUBJECT: State
Auditor’s
Certification
Senate Bill (LC 21 9358)
Senate Bill (LC 21 9358)
Dear Senator
Heath:
This
bill would amend general provisions relating to retirement and pensions for any
member of the Employees’ Retirement System, Teachers Retirement System, or
of any retirement system or pension fund whose funds are managed by either such
retirement system. Specifically, this bill would allow any member who is vested
for a benefit in such system or fund to terminate his or her membership and
participation in such system or fund and have all employer and employee
contributions with regular interest be deposited in an account designated by the
member. Once a member terminates his or her membership in the retirement system
or pension fund, for such purpose, such person shall forever be ineligible to
participate in any public retirement system.
This
is to certify that this is a fiscal retirement bill as defined in the Public
Retirement Systems Standards Law.
Respectfully,
/s/ Russell W.
Hinton
State Auditor
State Auditor