sb327_Sen_floor_amend_AM_21_3621_10.html
08 AM 21 3621

ADOPTED
Senator Heath of the 31th offered the following amendment:

Amend the House Committee on Retirement substitute to SB 327 (LC 21 9934S) by inserting on line 5 of page 1 following "benefit;" the following:
to amend Article 4 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, relating to retirement bills, so as to define a term; to provide procedures for certain bills;

By redesignating Sections 2 and 3 as Sections 4 and 5, respectively, and by inserting following line 31 of page 2 the following:

SECTION 2.
Article 4 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, relating to retirement bills, is amended by revising paragraph (6) of Code Section 47-20-30, relating to definitions, as follows:
"(6) 'Retirement bill having a fiscal impact' means any retirement bill creating or establishing a retirement system and any other retirement bill other than a nonfiscal retirement bill. Such term shall include any bill requiring a public retirement system to divest or refrain from investing in specific investments or classes of investments."

SECTION 3.
Said article is further amended by adding a new subsection to Code Section 47-20-34, relating to the introduction of retirement bills having a fiscal impact and preliminary consideration by committee, to read as follows:
"(d) Any bill requiring a public retirement system to divest or refrain from investing in specific investments or classes of investments may only be introduced as provided in subsection (a) of this Code section and, in addition to the certification of the state auditor required by Code Section 47-20-32, such legislation shall be accompanied at the time of introduction by a statement from the Governor, the Lieutenant Governor, or the Speaker of the House of Representatives describing the primary goal the bill is designed to achieve. Such bill shall also have attached at the time of introduction a fiscal analysis from each public retirement system affected stating the cost of compliance with the legislation and the anticipated annual fiscal losses which will be incurred as a result of complying with the legislation."