07 LC 21
9399
House
Bill 797
By:
Representatives Rogers of the
26th,
Smith of the
113th,
Harbin of the
118th,
and Hembree of the
67th
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 change the definition of employees of the Board of
Regents of the University System of Georgia who may opt not to participate in
the Teachers Retirement System of Georgia; to increase the employer contribution
to the members´ accounts in the Regents Retirement Plan; 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.
Title
47 of the Official Code of Georgia Annotated, relating to retirement and
pensions, is amended by revising subsection (a) of Code Section 47-3-68,
relating to membership of eligible university system employees in the Teachers
Retirement System of Georgia, as follows:
"(a)
As used in this Code section, the term 'eligible university system employee'
means faculty and
principal
administrators
exempt
employees employed by the University
System of Georgia, as designated by regulations of the Board of Regents of the
University System of Georgia, who are:
(1)
Employed on or after July 1, 1990, and are eligible for membership in the
retirement system provided for in this chapter as of the date of employment;
or
(2)
Members of the retirement system provided for in this chapter on July 1, 1990,
with less than ten years of creditable service on that date."
SECTION
2.
Said
title is further amended revising subsection (b) of Code Section 47-21-4,
relating to employee and other contributions in the Regents Retirement Plan, as
follows:
"(b)
The University System of Georgia shall contribute to the optional retirement
plan on behalf of each participating employee the following:
(1)
Prior to January 1, 1997, an amount equal to 4 percent of the participating
employee´s earnable compensation;
and
(2)
On and after January 1, 1997,
but prior to
July 1, 2008, an amount equal to the
normal cost contribution determined by the board of trustees in accordance with
the provisions of Code Section 47-3-48. The provisions of this subsection are
subject to subsequent legislation; provided, however, that such legislation
shall not provide for a rate of contribution lower than 4
percent;
and
(3)
On and after July 1, 2008, an amount equal to 9 percent of the participating
employee´s earnable compensation. The provisions of this paragraph shall be
subject to subsequent
legislation."
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.