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
April
2, 2007
The Honorable Bill
Heath
State Senator
State Capitol, Room 109
Atlanta, Georgia 30334
State Senator
State Capitol, Room 109
Atlanta, Georgia 30334
SUBJECT: State
Auditor’s
Certification
Senate Bill (LC 21 9451)
Senate Bill (LC 21 9451)
Dear Senator
Heath:
This
bill would amend provisions relating to membership in the Employees’
Retirement System. Under the provisions of this bill, all persons who first
become an employee on or after July 1, 2008 and all persons who again become an
employee on or after July 1, 2008 who do not have a vested right to
reinstatement in the Employees’ Retirement System would not be eligible to
participate in the Employees’ Retirement System. Instead, such persons
would be required to have an account in the deferred compensation plan offered
by the State for public employees. Such persons would be given the option of
selecting either the Section 401(k) plan or the Section 457(j) plan. This bill
would require the employer for each participant to contribute an amount not to
exceed 9 percent of the employee’s salary into the employee’s
account. The employee would have a vested right to the employer contributions
immediately upon deposit. This bill specifies that the Board of Trustees for
the Employees’ Retirement System will administer the provisions of this
legislation, and authorizes the Board to establish all necessary rules and
regulations.
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