Bill Text: GA HB542 | 2011-2012 | Regular Session | Comm Sub
Bill Title: Employees' Retirement System of Georgia; transfer service credit; provide
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2012-03-21 - Senate Read Second Time [HB542 Detail]
Download: Georgia-2011-HB542-Comm_Sub.html
12 LC
21 1300S
House
Bill 542 (COMMITTEE SUBSTITUTE)
By:
Representative Powell of the
171st
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 2 of Title 47 of the Official Code of Georgia
Annotated, relating to service creditable toward retirement benefits under the
Employees' Retirement System of Georgia, so as to provide for the transfer of
service credit from the Georgia Judicial Retirement System to the Employees'
Retirement System of Georgia; to provide for the transfer of funds; to provide
for the payment for creditable service in the Employees' Retirement System of
Georgia for prior service as a member of the Georgia Judicial Retirement System;
to provide for conditions and payment; 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
5 of Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating
to service creditable toward retirement benefits under the Employees' Retirement
System of Georgia, is amended by revising Code Section 47-2-96, which is
reserved, as follows:
"47-2-96.
Reserved.
(a)
Any member of this retirement system who was previously an active member of the
Georgia Judicial Retirement System and who has not withdrawn his or her employee
contributions from such retirement system may elect to have all contributions
made by or on behalf of such member transferred from such retirement system to
this retirement system. Any such member shall notify the board of trustees of
each retirement system not later than December 31, 2012.
(b)
Upon receipt of the notice provided for in subsection (a) of this Code section,
the Board of Trustees of the Georgia Judicial Retirement System shall transfer
to the board of trustees of this retirement system all employer and employee
contributions paid by or on behalf of the employee, together with regular
interest thereon. The member is authorized, but not required, to pay such
additional amount to the board of trustees as the member desires.
(c)
If a member of this retirement system has withdrawn his or her employee
contributions from the Georgia Judicial Retirement System, he or she may obtain
creditable service in this retirement system as provided in subsection (d) of
this Code section by paying to the board of trustees of this retirement system
such amount as the member desires.
(d)
Upon receipt of the funds provided for in subsection (b) or (c) of this Code
section, the board of trustees of this retirement system shall credit the member
with only the number of years of creditable service, not to exceed the actual
years of prior service, as the amount so transferred or paid shall warrant
without creating any accrued liability as to this retirement system; provided,
however, that no member shall be granted creditable service in excess of the
service to which he or she was credited under the Georgia Judicial Retirement
System."
SECTION
2.
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
3.
All
laws and parts of laws in conflict with this Act are repealed.
