Bill Text: GA HB295 | 2011-2012 | Regular Session | Introduced
Bill Title: Georgia State Employees Pension and Savings Plan; transfer of accrued benefit; provide
Spectrum: Slight Partisan Bill (Republican 5-2)
Status: (Engrossed - Dead) 2012-02-23 - Senate Read Second Time [HB295 Detail]
Download: Georgia-2011-HB295-Introduced.html
11 LC
21 1008
House
Bill 295
By:
Representatives Maxwell of the
17th,
Benton of the
31st,
Meadows of the
5th,
Brooks of the
63rd,
Buckner of the
130th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 47 of the Official Code of Georgia Annotated, relating to retirement
and pensions, so as to provide a method of calculating accrued benefits for
persons subject to the Georgia State Employees Pension and Savings Plan who
transfer between the Employees' Retirement System of Georgia and the Teachers
Retirement System of Georgia; to provide for the transfer of the accrued benefit
amount and the present value of the accrued benefit; to provide that the present
value shall be based on methods and assumptions of the transferring system; to
provide for the recalculation of benefits; to provide for related matters; 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.
Title
47 of the Official Code of Georgia Annotated, relating to retirement and
pensions, is amended in Code Section 47-2-181, relating to transfer of service
credits and accumulated contributions from the Teachers Retirement System of
Georgia to the Employees' Retirement System of Georgia, by adding a new
subsection to read as follows:
"(d)(1)
At the time the membership of a person is transferred from the Teachers
Retirement System of Georgia to this retirement system subject to Article 10 of
this chapter, this retirement system shall receive the funds transferred from
the Teachers Retirement System of Georgia pursuant to Code Section 47-3-81 and,
as applicable, add the accrued benefit transferred from the Teachers Retirement
System of Georgia to the accrued benefit or the balance of employee
contributions and interest. The total benefits of any such member shall be
subject to the rules of this retirement system.
(2)
At the time the membership of a person subject to Article 10 of this chapter
transfers to the Teachers Retirement System of Georgia, this retirement system
shall:
(A)
Calculate the accumulated benefit using the service and compensation at the time
of the transfer;
(B)
Calculate present value of the accrued benefit using methods and assumptions
adopted by the board; and
(C)
Transfer to the Teachers Retirement System of Georgia the greater of the present
value of the accumulated benefit or the balance of the employee contributions
and interest.
(3)
All service transferred pursuant to this subsection shall be calculated as
credit in this retirement system for all purposes in this retirement
system.
(4)
This retirement system and the Teachers Retirement System of Georgia shall
recalculate the accumulated benefit of any person transferred between such
retirement systems from January 1, 2009, through June 30, 2012, according to the
methods prescribed by this
subsection."
SECTION
2.
Said
title is further amended in Code Section 47-3-81, relating to transfer of
service credits from the Employees' Retirement System of Georgia to the Teachers
Retirement System of Georgia, limitations, and additional contributions or
adjustments required, by adding a new subsection to read as
follows:
"(c)(1)
At the time the membership of a person subject to Article 10 of Chapter 2 of
this title is transferred from the Employees' Retirement System of Georgia to
this retirement system, this retirement system shall receive the funds
transferred from the Employees' Retirement System of Georgia pursuant to Code
Section 47-2-181 and, as applicable, add the accrued benefit transferred from
the Employees' Retirement System of Georgia to the accrued benefit or the
balance of employee contributions and interest. The total benefits of any such
member shall be subject to the rules of this retirement system.
(2)
At the time the membership of a member of this retirement system transfers to
the Employees' Retirement System of Georgia and is subject to Article 10 of
Chapter 2 of this title, this retirement system shall:
(A)
Calculate the accumulated benefit using the service and compensation at the time
of the transfer;
(B)
Calculate present value of the accrued benefit using methods and assumptions
adopted by the board; and
(C)
Transfer to the Employees' Retirement System of Georgia the greater of the
present value of the accumulated benefit or the balance of the employee
contributions and interest.
(3)
All service transferred pursuant to this subsection shall be calculated as
credit in this retirement system for all purposes in this retirement
system.
(4)
This retirement system and the Employees' Retirement System of Georgia shall
recalculate the accumulated benefit of any person transferred between such
retirement systems from January 1, 2009, through June 30, 2012, according to the
methods prescribed by this
subsection."
SECTION
3.
This
Act shall become effective on July 1, 2012, 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, 2012, as required by subsection (a) of Code
Section 47-20-50.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.
