07 LC 21
9472
House
Bill 815
By:
Representatives Rogers of the
26th,
Harbin of the
118th,
Smith of the
113th,
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 persons who may opt between the
Teachers Retirement System of Georgia and the Regents Retirement Plan; to change
provisions relative to the employer´s contribution to 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 in the Teachers Retirement System of Georgia by eligible
university system employees, as follows:
"(a)
As used in this Code section, the term 'eligible university system employee'
means faculty and principal administrators 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;
or
(3)
Employed on or after July 1, 2008, as faculty members or as exempt employees
within the meaning of the federal Fair Labor Standards Act of 1938, as amended,
29 U.S.C. 201, et seq., who are eligible for membership in the retirement system
provided for in this chapter as of the date of such
employment."
SECTION
2.
Said
title is further amended by revising subsection (b) of Code Section 47-21-4,
relating to employee and other contributions to 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,
and before
January 1, 2009, 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 January 1, 2009, an amount determined by the board of regents after
consulting with the state auditor, the director of the Office of Planning and
Budget, and the state accounting officer. The board of regents shall review the
contribution amount every three
years."
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.