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
April
11, 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 9510)
Senate Bill (LC 21 9510)
Dear Senator
Heath:
This
bill would amend provisions relating to retirement benefits for members of the
Georgia Judicial Retirement System. Specifically, this bill would provide that
retirement benefits would be calculated through a different method for persons
who first become a member on or after July 1, 2008 and for persons who again
become a member on or after such date, who do not have a vested right to be
reinstated in the Georgia Judicial Retirement System. If this legislation is
enacted, such members would become eligible for retirement benefits after 16
years of service. Such members would receive a retirement benefit equivalent to
60 percent, plus 1 percent for each year of creditable service over 16 years, of
the member’s salary. However, no member shall receive more than 24 years
of creditable service. Additionally, the member would not be entitled to
receive benefits until he or she reaches 60 years of age. Members who retire
with less than 16 years of creditable service may retire with a reduced benefit.
It should be noted that this bill also authorizes persons who are members on
June 30, 2008 to elect to become subject to the provisions outlined in this
bill. Such election must be made by October 30, 2008.
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