08 LC 21
9791
Senate
Bill 491
By:
Senators Seabaugh of the 28th and Hill of the 4th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 47 of the Official Code of Georgia Annotated, relating to retirement
and pensions, so as to provide that the board of trustees of the Employees´
Retirement System of Georgia shall establish the employee contribution for group
term life insurance; for members of the Employees´ Retirement System of
Georgia, the Georgia Legislative Retirement System, and the Georgia Judicial
Retirement System, to provide that employee contribution may be 0 percent but
shall not be greater than one-fourth of 1 percent of the member´s earnable
compensation; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
47 of the Official Code of Georgia Annotated, relating to retirement and
pensions, is amended by revising subsection (c) of Code Section 47-2-54,
relating to payment of state employee contributions on behalf of employees,
inclusion of contributions in compensation for determining benefits, and
adjustment in compensation of state employees, as follows:
"(c)
Of the one-half of 1 percent deducted from the earnable compensation of members,
one-quarter of 1 percent shall be credited to each member´s account in the
annuity savings fund, and
the
remaining one-quarter of 1 percent
an additional
amount established by the board of trustees, which may be 0 percent but not to
exceed one-quarter of 1 percent of the member´s earnable
compensation, shall be credited to the
group term life insurance fund, as provided in Code Section 47-19-10, in lieu of
the deduction required under Code Section 47-2-128. If a member is not covered
by group term life insurance, the entire
one-half of
1 percent
amount shall
be deducted from his earnable compensation
shall be credited to his individual account in the annuity savings
fund."
SECTION
2.
Said
title is further amended by revising paragraph (1) of subsection (d) of Code
Section 47-2-128, relating to survivors benefit coverage, fund, and
contributions, as follows:
"(1)
After notice from the board of trustees, each employer shall cause to be
deducted from the earnable compensation of each member during every payroll
period the additional amount established by the board of trustees,
which may be 0
percent but not to exceed one-half of 1
percent of the member´s earnable compensation. Such deductions shall be
made under the same conditions as set forth in paragraph (2) of subsection (a)
of Code Section 47-2-51 and, except for those members who are not eligible for
survivors benefits, that amount shall be the member´s payment for such
coverage;"
SECTION
3.
Said
title is further amended by revising subsection (c) of Code Section 47-2-334,
relating to service retirement allowance, calculation, employee membership
contributions, employer contributions, optional membership, conditions, and
construction of provision, as follows:
"(c)
From and after July 1, 1990, every member subject to this Code section shall
contribute employee membership contributions in an amount not less than 1
percent nor greater than 1 1/2 percent of earnable compensation, which shall be
deducted by each employer from the earnable compensation of each member for each
and every payroll period and paid monthly to the board of trustees; provided,
however, that any reduction in such percentage shall be based upon the
recommendation of the actuary of the board of trustees, the maintenance of the
actuarial soundness of the fund in accordance with the standards provided in
Code Section 47-20-10 or such higher standards as may be adopted by the board,
and such other factors as the board deems relevant. Of the percentage deducted
from the earnable compensation of members,
an amount set
by the board of trustees, which may be 0 percent but not more
than one-fourth of 1 percent shall be
credited to the group term life insurance fund in lieu of any other deduction
therefor, as provided in Code Section 47-19-10, and the remaining portion shall
be credited to the individual accounts of the members in the annuity savings
fund. In the event a member is not covered by group term life insurance, the
entire amount deducted from the member´s earnable compensation shall be
credited to the member´s individual account in the annuity savings
fund."
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.