08 AM 21
3579
ADOPTED
Senators Seabaugh of the 28th, Hill of the 4th, Reed of the 35th and Shafer of the 48th offered the following amendment:
Senators Seabaugh of the 28th, Hill of the 4th, Reed of the 35th and Shafer of the 48th offered the following amendment:
Amend
the Senate Retirement Committee substitute to SB 328 (LC 21 9867S) by inserting
on line 12 of page 1 following
"administration;"
the following:
to amend Code Section 47-19-10 of the Official Code of Georgia Annotated, relating to directors of the State Employees´ Assurance Department, establishment of retired and vested inactive members trust fund, establishment of active members fund, management of assets, and contributions irrevocable, so as to provide that such funds may not be expended for any purpose other than the provision of survivors benefit coverage;
to amend Code Section 47-19-10 of the Official Code of Georgia Annotated, relating to directors of the State Employees´ Assurance Department, establishment of retired and vested inactive members trust fund, establishment of active members fund, management of assets, and contributions irrevocable, so as to provide that such funds may not be expended for any purpose other than the provision of survivors benefit coverage;
By
redesignating Sections 2 and 3 as Sections 3 and 4, respectively, and by
inserting following line 33 of page 9 the following:
SECTION
2.
Code
Section 47-19-10 of the Official Code of Georgia Annotated, relating to
directors of the State Employees´ Assurance Department, establishment of
retired and vested inactive members trust fund, establishment of active members
fund, management of assets, and contributions irrevocable, is amended by adding
a new subsection to read as follows:
"(f)
No moneys in either the retired and vested inactive members trust fund or the
active members fund established by subsection (b) of this Code section shall
transferred or be expended for any purpose other than the payment of benefits
and expenses necessary for the maintaining of survivors benefit coverage prior
to July 1, 2009, without express legislative enactment."