DEPARTMENT
OF
AUDITS
AND
ACCOUNTS
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
Russell W.
Hinton
State Auditor
(404) 656-2174
State Auditor
(404) 656-2174
January
31, 2007
The Honorable Michael Meyer
Von Bremen
State Senator
State Capitol, Room 121-F
Atlanta, Georgia 30334
State Senator
State Capitol, Room 121-F
Atlanta, Georgia 30334
SUBJECT: State
Auditor’s
Certification
Senate Bill (LC 21 9211)
Senate Bill (LC 21 9211)
Dear Senator Meyer Von
Bremen:
This bill would amend
provisions relating to retirement benefits for certain members of the
Employees’ Retirement System. Specifically, this bill would affect
members who are in service in the Uniform Division of the Department of Public
Safety as an officer, certain sworn law enforcement officers of the Department
of Natural Resources, and officers or agents of the Georgia Bureau of
Investigation. If this legislation is enacted, such members would be authorized
to retire at 55 years of age with at least 10 years of creditable service or
with 25 years of creditable service, regardless of age.
This bill would also
provide for an increased benefit for such members who elect to contribute two
percent of their earnable compensation to the System, in addition to the
contributions currently required. Upon retirement, such members would be
entitled to receive a monthly retirement benefit equal to three percent of their
highest average compensation for each year of creditable service, not to exceed
85 percent in total. The current benefit is two percent for each year of
creditable service.
Members wishing to be
covered under this Code Section would be required to make an application to the
board of trustees by December 31, 2008, or within three months after first or
again becoming a member. Once such election is made, it shall be irrevocable.
This is to certify that
this is a fiscal retirement bill as defined in the Public Retirement Systems
Standards Law.
Respectfully,
/s/ Russell W.
Hinton
State Auditor
State Auditor