07 LC 21
9542
House
Bill 875
By:
Representatives Coleman of the
97th,
Bridges of the
10th,
and Buckner of the
130th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-334 of the Official Code of Georgia Annotated, relating
to service retirement allowance, calculation, employee membership contributions,
employer contributions, optional membership, conditions, and construction of
provision, so as to provide for the continuation of the established benefit
formula; 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 47-2-334 of the Official Code of Georgia Annotated, relating to service
retirement allowance, calculation, employee membership contributions, employer
contributions, optional membership, conditions, and construction of provision,
is amended by revising subparagraph (b)(1)(B) as follows:
"(B)
A monthly pension which, together with the annuity, shall provide a total
retirement allowance equal to
more than
1.5 percent, but not greater than 2
percent,
the actual percent to be set by the board of trustees in direct relation to the
amount of increased appropriations provided by the General Assembly to fund the
provisions of this paragraph, of the
member´s highest average monthly earnable compensation during a period of
24 consecutive calendar months while a member of the retirement system,
multiplied by the number of the member´s years of creditable
service."
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repealed in its entirety on July 1, 2008, as required by subsection (a) of Code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laws and parts of laws in conflict with this Act are repealed.