07 LC 21
9253
House
Bill 379
By:
Representatives Coleman of the
97th
and Bridges of the
10th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 2 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement under the
Employees´ Retirement System of Georgia, so as to provide that a member
who, immediately prior to becoming a member, was employed in a position covered
under Chapter 22 of this title, relating to the Georgia Defined Contribution
Plan, may obtain creditable service under such retirement system; to provide for
application and the payment of the full actuarial cost of such credit; 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
5 of Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement under the Employees´ Retirement
System of Georgia, is amended by adding a new Code section to read as
follows:
"47-2-101.
(a)
Any member of the retirement system who was, immediately prior to becoming a
member, employed in a position in which he or she was covered under Chapter 22
of this title, relating to the Georgia Defined Contribution Plan, may obtain
creditable service for his or her total prior service as a participant in such
plan under the conditions contained in this Code section. One month of
creditable service shall be granted for each 160 hours of credited service, not
to exceed 12 months of creditable service for all service rendered during any
single calendar year.
(b)
A member wishing to obtain creditable service as provided in subsection (a) of
this Code section shall make application to the board of trustees and shall pay
to the board of trustees such amount as determined by the actuary as necessary
to grant such benefit without creating any actuarial accrued liability as to
this retirement system. The board of trustees shall require such proof of
service as may be necessary to carry out the provisions of this Code
section.
(c)
In order to obtain creditable service under this Code section, a member must
make application to the board of trustees not later than December 31, 2008, or
within six months of becoming a member of this retirement system, whichever date
is later."
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.