Bill Text: GA HB191 | 2009-2010 | Regular Session | Comm Sub
Bill Title: Georgia State Employees' Pension and Savings Plan; retirement computations; provisions
Spectrum: Partisan Bill (Republican 3-0)
Status: (Engrossed - Dead) 2009-03-12 - Senate Read and Referred [HB191 Detail]
Download: Georgia-2009-HB191-Comm_Sub.html
09 LC 21
0337S
House
Bill 191 (RULES COMMITTEE SUBSTITUTE)
By:
Representatives Benton of the
31st,
Meadows of the
5th,
and Maxwell of the
17th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-2-353 of the Official Code of Georgia Annotated, relating
to the calculation of a service retirement allowance for members subject to the
provisions of the "Georgia State Employees' Pension and Savings Plan," so as to
provide that computation of a retirement benefit for certain members shall not
include a compensation increase in the last 12 months of employment which
exceeds 5 percent; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-2-353 of the Official Code of Georgia Annotated, relating to the
calculation of a service retirement allowance for members subject to the
provisions of the "Georgia State Employees' Pension and Savings Plan," is
amended by revising paragraph (2) as follows:
"(2)
A monthly pension which, together with the annuity, shall provide a total
retirement allowance equal to
1.0
percent, or such future amount up to 2 percent to be set by the board of
trustees in direct relation to any increased appropriations provided by the
General Assembly expressly for such increase, 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 for members employed on or after July 1, 2009, no salary
increase by adjustment in compensation in any manner during the last 12 months,
which increase is in excess of 5 percent, shall be included in such
computation."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.
