07 LC 21
9448
Senate
Bill 329
By:
Senators Heath of the 31st, Schaefer of the 50th and Murphy of the 27th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-334 of the Official Code of Georgia Annotated, relating
to service retirement allowance under the Employees´ Retirement System of
Georgia, calculation, employee membership contributions, employer contributions,
optional membership, conditions, and construction of provisions, so as to
authorize the reduction of the portion of a member´s compensation used to
calculate a retirement benefit for future state employees; to provide for
applicability; to provide conditions for an effective date and automatic repeal;
to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-2-334 of the Official Code of Georgia Annotated, relating to service
retirement allowance under the Employees´ Retirement System of Georgia,
calculation, employee membership contributions, employer contributions, optional
membership, conditions, and construction of provisions, is amended by revising
subsection (b) as follows:
"(b)(1)
Every member subject to this Code section shall, upon becoming eligible under
the provisions of this chapter, be entitled to a service retirement allowance,
which shall consist of:
(A)
An annuity which shall be the actuarial equivalent of the member´s
accumulated contributions at the time of retirement; and
(B)(i)
For members who are members on June 30, 2008, or who again become members and
have a vested right to be reinstated in this retirement system,
a
A
monthly pension which, together with the annuity, shall provide a total
retirement allowance equal to more than 1.5 percent, but not greater than 2
percent, the actual percent to be set by the board of trustees in direct
relation to the amount of increased appropriations provided by the General
Assembly to fund the provisions of this paragraph, of the member´s highest
average monthly earnable compensation during a period of 24 consecutive calendar
months while a member of the retirement system, multiplied by the number of the
member´s years of creditable
service;
or
(ii)
For persons who first on or after July 1, 2008, and for persons who again become
members on or after such date and who do not have a vested right to
reinstatement in this retirement system, a monthly pension which, together with
the annuity, shall provide a total retirement allowance equal to more than 1.5
percent, but not greater than 2 percent, the actual percent to be set by the
board of trustees in direct relation to the amount of increased appropriations
provided by the General Assembly to fund the provisions of this paragraph, of
the member´s highest average monthly earnable compensation during a period
of 24 consecutive calendar months while a member of the retirement system,
multiplied by the number of the member´s years of creditable service;
provided, however, that the monthly pension provided pursuant to this division
may be different from the monthly pension provided pursuant to division (i) of
this subparagraph.
(2)
For members subject to this Code section, the calculation of retirement benefits
or allowances for any other form or type of retirement shall also be based upon
the calculations provided for in paragraph (1) of this
subsection."
SECTION
2.
This
Act shall become effective on July 1, 2008, only if it is determined to have
been concurrently funded as provided in Chapter 20 of Title 47 of the Official
Code of Georgia Annotated, the "Public Retirement Systems Standards Law";
otherwise, this Act shall not become effective and shall be automatically
repealed in its entirety on July 1, 2008, as required by subsection (a) of Code
Section 47-20-50.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.