08 LC 21
9724S
The
House Committee on Retirement offers the following substitute to HB
815:
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)(1)
The provisions of this paragraph shall apply to persons employed prior to July
1, 2008. 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)(A)
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)(B)
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.
(2)
The provisions of this paragraph shall apply to persons first or again employed
on or after July 1, 2008. As used in this Code section, the term 'eligible
university system employee' means faculty members or exempt employees within the
meaning of the federal Fair Labor Standards Act of 1938, as amended, 29 U.S.C.
Section 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.