07 LC 21
9268
House
Bill 735
By:
Representative Parham of the
141st
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating
to the Teachers Retirement System of Georgia, so as to provide for a
postretirement benefit increase for certain retired members; to provide for a
recalculation of creditable service; to provide for an allocation of benefit
increases; to provide that active members of such retirement system may obtain
creditable service for prior service in public schools; to provide for
conditions; to provide for the payment of employer and employee contributions;
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.
Chapter
3 of Title 47 of the Official Code of Georgia Annotated, relating to the
Teachers Retirement System of Georgia, is amended by revising Code Section
47-3-95, relating to creditable service for service in private schools, as
follows:
"47-3-95.
A
member who has completed at least five consecutive years of membership service
in the public schools of Georgia or the University System of Georgia immediately
prior to applying may obtain up to ten years of creditable service for service
as a teacher in a private elementary or secondary school or any private college
or university located in
the
this
state accredited by the Southern Association of Colleges and Schools, the
Georgia Accrediting Association, or a nationally recognized accrediting agency
by the State Board of Education. Such service credit shall be allowed on the
basis of one year of credit for such service for each additional year of
membership service in the public schools of Georgia or the University System of
Georgia. A member wishing to obtain such creditable service shall provide
documentation and pay to the board of trustees
such amount
as determined by the actuary as necessary to grant such benefit without creating
any accrued actuarial liability as to this retirement
system
the employer
and employee contributions which would have been paid to the retirement system
on a salary comparable to his or her salary for such service, plus the
applicable rate of interest, in accordance with regulations adopted by the board
of trustees."
SECTION
2.
Said
chapter is further amended by adding a new Code section to read as
follows:
"47-3-126.5.
(a)
As used in this Code section, the term 'qualified beneficiary' means a member of
this retirement system who retired on a service retirement between January 1,
2003, and June 30, 2008.
(b)
Effective on July 1, 2008, the retirement allowance of any qualified beneficiary
shall be recalculated by increasing the amount of creditable service claimed by
such qualified beneficiary upon his or her retirement by the number of years,
not to exceed ten years, of prior service as a teacher in a private elementary
or secondary school or any private college or university located in this state
accredited by the Southern Association of Colleges and Schools, the Georgia
Accrediting Association, or a nationally recognized accrediting agency approved
by the State Board of Education. The resulting increase in benefits shall be
paid from July 1, 2008, forward.
(c)
The amount of increase in the monthly retirement benefit granted pursuant to
subsection (b) of this Code section shall be reduced as provided in this
subsection. The board of trustees shall calculate the amount of employer and
employee contributions which the qualified beneficiary would have paid to the
retirement system if he or she had obtained additional creditable service in
accordance with Code Section 47-3-95 and retain the amount of the increase in
benefit until such amount has been paid with interest calculated to the date of
payment."
SECTION
3.
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
4.
All
laws and parts of laws in conflict with this Act are repealed.