08 AM 21
3575
ADOPTED
Senator
Heath of the 31st offered the following
amendment:
Amend
the Senate Retirement Committee substitute to SB 328 (LC 21 9867S) on page 4 by
striking "and"
at the end of line 11,
by replacing the period with "; and"
at the end of line 13,
and by inserting immediately following line 13 the following:
(7)
Members subject to the provisions of Code Section 47-2-223 or 47-2-224 shall be
entitled to retire as provided in subsection (b) of each such Code section but
shall receive a monthly benefit based on 1 percent of his or her highest average
compensation rather than the percentage stated in such subsections.
By
striking lines 14 through 23 of page 8 and inserting in lieu thereof the
following: (b) Each member shall, at the
time of becoming a member, be automatically enrolled in the plan; provided,
however, that the member shall have a period of 90 days from the date of
enrollment to withdraw from the plan. Such withdrawal shall be made in writing
to the board of trustees in such form as the board prescribes and any employee
account balance shall be returned to the member. Thereafter, participation in
the plan shall be voluntary. The member may not withdraw from the plan so long
as he or she remains eligible to participate in the 401(k) plan offered by the
state. Members shall be entitled to an employer contribution as
follows:
(1)
For each pay period, each member shall contribute 1 percent of his or her
compensation into his or her 401(k) account and the employer shall contribute an
equal amount into his or her 401(k) account;
(2)
After the 1 percent level provided for in paragraph (1) of this subsection has
been met, the employer shall contribute an amount equal to 50 percent of such
amount as the member chooses to contribute, up to an additional 2 percent of the
member´s compensation; and