07 LC 21
9510
Senate
Bill 330
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 Article 6 of Chapter 23 of Title 47 of the Official Code of Georgia
Annotated, relating to salary, retirement, death, and disability benefits under
the Georgia Judicial Retirement System, so as to change provisions relating to
retirement benefits for superior court judges and district attorneys; to provide
for a certain option for benefits; 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.
Article
6 of Chapter 23 of Title 47 of the Official Code of Georgia Annotated, relating
to salary, retirement, death, and disability benefits under the Georgia Judicial
Retirement System, is amended by revising Code Section 47-23-102, relating to
vesting and benefits upon retirement, as follows:
"47-23-102.
(a)
The provisions of this subsection shall be applicable to members of this
retirement system who are not subject to subsection (b) of this Code
section. The right of a member to receive
benefits under this chapter shall vest after the member obtains ten years of
creditable service; provided, however, that no member shall receive a retirement
benefit prior to attaining the age of 60 years. Any member retiring on or after
July 1, 1996, and any member who was retired on July 1, 1996, with 16 years or
more of creditable service shall receive a benefit equal to 66.66 percent, plus
1 percent for each year of creditable service over 16 years, of the
member´s salary; provided, however, that no member shall receive more than
24 years of creditable service. Any member retiring with less than 16 years of
creditable service may retire at a reduced benefit pursuant to Code Section
47-23-103. Any member who was retired on July 1, 1996, with more than 16 years
of creditable service shall receive in July, 1998, a one-time benefit payment
equal to two times the product of 1 percent of the salary paid to such judge at
the time of his or her retirement multiplied by the number of years of
creditable service in excess of 16 years.
(b)
The provisions of this subsection shall be applicable to any person who first
becomes a member of this retirement system on or after July 1, 2008, or who
again becomes a member and who does not have a vested right to be reinstated in
this retirement system, and at the time of becoming or again becoming a member
is serving as a superior court judge or district attorney; provided, however,
that any member of this retirement system who is serving in such capacity may
elect to become subject to the provisions of this paragraph by so notifying the
board of trustees in writing not later than October 30, 2008, or within three
months after becoming a superior court judge or district attorney. The right of
a member subject to this subsection to receive benefits under this chapter shall
vest after the member obtains ten years of creditable service; provided,
however, that no member shall receive a retirement benefit prior to attaining
the age of 60 years. Any member subject to this subsection who retires with 16
years or more of creditable service shall receive a benefit equal to 60 percent,
plus 1 percent for each year of creditable service over 16 years, of the
member´s salary; provided, however, that no member shall receive more than
24 years of creditable service. Any member retiring with less than 16 years of
creditable service may retire at a reduced benefit pursuant to Code Section
47-23-103."
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.