08 LC 21
9645S
The
House Committee on Retirement offers the following substitute to HB
656:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-3-121, relating to optional retirement allowances under
the Teachers Retirement System of Georgia, election of such options, and
revocation of election, so as to provide that a member who upon retirement
elects survivor´s benefits for a spouse and another may, in the event of
divorce, revoke such election as to the spouse; to provide that the member may
elect to reallocate the spouse´s share amount among the other beneficiaries
or such beneficiaries shall continue to be entitled to the same benefit; to
provide for a recalculation of the member´s benefit; 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.
Code
Section 47-3-121, relating to optional retirement allowances under the Teachers
Retirement System of Georgia, election of such options, and revocation of
election, is amended by adding a new subsection to read as follows:
"(l)
If a member has elected an optional allowance under this Code section and has
nominated his or her spouse and one or more other persons to receive all amounts
and benefits payable on or after his or her death as a result of such election,
then after the entry of a final judgment of complete divorce from the spouse so
nominated the member may revoke the election as to such spouse. Upon any such
revocation, the member may elect one of the following options:
(1)
The member may allocate the spouse´s percentage among the beneficiaries
other than the spouse, in which event the member´s benefit shall be
recalculated to compensate for the remaining survivor´s benefit as
determined by an actuary; or
(2)
The beneficiaries other than the spouse shall continue to be entitled to receive
the same percentage of the member´s retirement allowance they had before
the revocation, and the member´s benefit shall return to the allowance
which would otherwise be payable to him or her if he or she had not elected such
option, reduced to compensate for the remaining survivor´s benefit as
determined by an actuary.
This
subsection shall apply to final judgments received by the retirement system on
or after July 1, 2008. Any adjustments shall be effective on the first day of
the month following the receipt of the final judgment by the retirement system.
In no event shall any adjustment be made effective
retroactively."
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.