10 LC
21 0530
House
Bill 974
By:
Representatives Maxwell of the
17th
and Benton of the
31st
A
BILL TO BE ENTITLED
AN ACT
To
amend Chapter 17 of Title 47 of the Official Code of Georgia Annotated, relating
to the Peace Officers' Annuity and Benefit Fund, so as to provide that a member
seeking creditable service for a period of absence from duty must have returned
to service; to change the vesting period; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
17 of Title 47 of the Official Code of Georgia Annotated, relating to the Peace
Officers' Annuity and Benefit Fund, is amended by revising Code Section
47-17-41, relating to retention of membership during absence from employment as
a peace officer, credit for such period, and payments due from the member for
such period, as follows:
"47-17-41.
The
board may provide by rule and regulation for the retention of any legally
qualified member who has temporarily ceased employment as a peace officer and
for credit for such period, provided that an application for retention of
membership is submitted not later than 90 days after such employment has ceased;
and provided, further, that he
or
she shall pay to the fund the amounts
required for such period.
Such member
may obtain one month of such credit for each month of active membership
performed after the period of unemployment as a peace officer; provided,
however, that not
Not
more than 12 months of absence from such employment shall be allowed under this
Code section during a member's entire membership in the fund."
SECTION
2.
Said chapter is further amended by revising Code Section 47-17-80, relating to
retirement benefit options, payment to surviving spouse, requirements, effect of
reemployment, effect of changes in retirement benefits, and payment on death of
member, as follows:
"47-17-80.
(a)
At the time a member qualifies for retirement payments, such member must choose
a payment option provided for in this Code section. A member shall become
eligible to begin receiving benefits on the first day of the month following the
month in which the member qualified for retirement and terminated active
employment as a peace officer. A member shall present to the
secretary-treasurer a completed application form for retirement benefits. The
application shall contain such information as the board shall require. After
approval by the board, the secretary-treasurer shall pay to such retired member
a monthly sum based on the option chosen by the member. If a married member
with a spouse then living is unable to choose an option provided for in this
Code section and to complete an application form because of death, mental
incompetency, or other providential cause, then Option Two shall become
effective.
(b)
Option One shall consist of a single life annuity payable in monthly payments
for the life of the member only. The monthly payment under this option shall be
an amount equal to $17.50 per month for each full year of creditable service and
in the event the member shall have additional service credit not totaling a full
year, the further sum of one-twelfth of the amount paid per month for each
additional year of service credit shall be paid for each month of additional
service credit, provided that the member either has at least ten years of
membership
service, or 15
years for members who become members on or after July 1,
2010, and is at least 55 years of age or
has at least 30 years of creditable service, regardless of age. Such monthly
benefit payment shall be paid on each full year and additional full months of
creditable service up to a maximum of 30 years of total service. No member
shall be eligible for benefits under this option until the member's official
duties as a peace officer have been terminated, except as otherwise provided in
this chapter, and unless the member files an application for retirement benefits
within 90 days from the date of the termination of the member's official duties
as a peace officer, unless prevented therefrom for good cause. If such member
shall qualify for retirement benefits in every respect except for completion of
payment of monthly dues for the periods of time for which the member has
received service credit, dues shall be deducted from the member's monthly
benefit check until such dues have been paid in full. Any member who has at
least ten years of membership
service, or 15
years for members who become members on or after July 1,
2010, for which dues have been fully paid
but who has not reached 55 years of age may cease paying monthly dues into the
fund if the member's employment as a peace officer is terminated; and upon
reaching 55 years of age the member may be eligible to receive retirement
benefits under this option.
(c)
Option Two shall consist of a 100 percent joint life annuity payable during the
life of the member or the member's spouse. The amount of monthly payment to be
paid under this option shall be based on the date the member first becomes
eligible to receive pension benefits (normal retirement date) and shall be
computed so as to be actuarially equivalent to the monthly retirement payment
which would have been paid to the member under Option One. Such actuarial
equivalence shall be computed on the interest rate and mortality basis approved
from time to time by the board, the age of the member, and, if applicable, the
age of his or her spouse as of the date benefits are to commence or as of the
date benefits would have commenced if the member had retired after first
becoming eligible for full benefits, whichever is earlier.
(d)
Option Three shall consist of a contingency life annuity with a 50 percent
monthly payment to the surviving spouse. The amount of monthly payment to be
paid under this option shall be based on the date the member first becomes
eligible to receive pension benefits (normal retirement date) and shall be
computed so as to be actuarially equivalent to the monthly retirement payment
which would have been paid to the member under Option One. Such actuarial
equivalence shall be computed on the interest rate and mortality basis approved
from time to time by the board, the age of the member, and, if applicable, the
age of his or her spouse as of the date benefits are to commence or as of the
date benefits would have commenced if the member had retired after first
becoming eligible for full benefits, whichever is earlier.
(e)(1)
Under Option Two or Option Three, if the surviving spouse remarries, any
benefits payable to the surviving spouse shall terminate as of the date of such
remarriage.
(2)
Under Option Two or Three, a retired member may revoke the election of any such
option at any time after the entry of a final judgment of complete divorce from
the retired member's spouse or the retired member may elect to continue under
Option Two or Three for the benefit of the former spouse. Upon any such
revocation, the retired member shall begin receiving the monthly retirement
benefit which the retired member would have been entitled to receive under
Option One. In the event any such retired member remarries after divorce from
the former spouse and the retired member elected to revoke Option Two or Three
as provided in this paragraph, the retired member may elect to begin receiving
the applicable reduced monthly retirement benefit of equivalent actuarial value
and reestablish on behalf of the new spouse the same option which was applicable
to the former spouse. Such actuarial equivalence shall be based on the age of
the retired member and the age of the retired member's new spouse at the time of
such election and shall be computed on the Mortality Table GA51, with
projection, using interest at 6 percent per annum, with a five-year age setback
for females and monthly payment annuity functions. The option on behalf of the
new spouse may not be exercised until one year after the date of remarriage or
until a child of the remarried couple is born, whichever is
earlier.
(e.1)
When a retired member has elected Option Two or Option Three, then in the event
the spouse predeceases the retired member, the monthly retirement benefit
payable to the retired member after the death of the spouse shall be increased
to the monthly retirement benefit which the retired member would have been
entitled to receive under Option One. In the event any such retired member
remarries or has remarried after the death of the former spouse, the retired
member may elect to begin receiving the applicable reduced retirement benefit of
equivalent actuarial value and reestablish on behalf of the new spouse the same
option which was applicable to the deceased former spouse, but such option on
behalf of the new spouse may not be reestablished until one year after the date
of remarriage or until a child of the remarried couple is born, whichever is
earlier. Actuarial equivalence under this subsection shall be determined in the
same manner that it is determined under paragraph (2) of subsection (e) of this
Code section. This subsection applies to retired members who retired at any
time prior to July 1, 1990, as well as to those who retire on or after that
date, but increases in monthly retirement benefits authorized by this subsection
shall not be paid retroactively for any period of time prior to July 1, 1990,
notwithstanding the fact that a spouse covered under Option Two or Option Three
may have died prior to July 1, 1990.
(f)
Nothing contained in this Code section shall affect the requirement that a
member make payments into the fund for a minimum period of ten years,
or 15 years
for members who become members on or after July 1,
2010, nor shall it affect the requirement
that credit for service after March 1, 1951, shall not be given unless the
member has made the required payments to the fund for all such service. Any
peace officer becoming a member of the fund between April 1, 1953, and March 31,
1965, inclusive, must remain an active member and, in addition to completing the
required years of service, must remit the correct amount of dues to the fund for
a period of three years from the date he or she becomes a member, irrespective
of previous service credited for which dues are paid, before being eligible for
any retirement benefits provided under this Code section. Any peace officer
becoming a member of the fund for the first time on or after April 1, 1965, must
remain an active member and, in addition to completing the required years of
service, must remit the correct amount of dues to the fund for a period of five
years from the date he or she becomes a member, irrespective of previous service
credited for which dues are paid, before being eligible for any retirement
benefits provided under this Code section.
(g)(1)
Except as provided in paragraphs (2) and (3) of this subsection, any member who
again becomes employed as a peace officer after having been placed on retirement
under this Code section shall immediately notify the secretary-treasurer of such
reemployment. Retirement benefits being paid to such member shall be terminated
as of the date of such reemployment and shall remain terminated for the duration
of such reemployment. During such period of reemployment, said member shall pay
regular monthly dues into this fund. Upon meeting the requirements provided by
law, such member shall be entitled to all benefits provided for in Code Sections
47-17-81 and 47-17-82; but such member shall not be entitled to any increase in
retirement benefits by virtue of service during the period of reemployment
unless such reemployment is for a term of three years or more, in which instance
such member may again apply for retirement as if he or she had not previously
been retired; and he or she shall be entitled to such benefits as may be
provided by law at that time, if he or she so chooses.
(2)
The provisions of paragraph (1) of this subsection shall not apply to a retired
member employed in any capacity for 1,040 hours or less in any calendar
year.
(3)
The provisions of paragraph (1) of this subsection shall not apply to a member
otherwise qualified for a normal service retirement under this chapter with at
least 30 years of creditable service and who has attained the age of 55. Any
such member may continue or reenter employment as a peace officer and shall for
all purposes be considered a retired member of this fund; provided, however,
that the provisions of this paragraph shall not apply to any person who first or
again becomes a member on or after July 1, 2009.
(h)
The amounts provided for as retirement benefits in this Code section shall apply
to those members who have retired prior to July 1, 1990, as well as to those
members who retire on or after that date. The service of each member who
retired prior to July 1, 1990, shall be recomputed; and, if it is determined
that the amounts provided for in this Code section result in an increase in the
retirement benefits being paid to such member, such benefits shall be increased
to the proper amount and shall be paid to the member in the future, beginning
July 1, 1990. If it is determined that an increase in retirement benefits will
result for any such retired member, and such retired member shall not have
completed payment of dues for all service credit previously allowed as of the
date of such member's retirement, monthly dues shall be deducted from the
member's monthly retirement benefits until such time as said dues shall have
been paid for each month of service for which retirement credit has been
received; provided, however, that no such member shall be allowed to change the
option under which the member originally retired unless the member shall again
become employed as a peace officer as provided in subsection (g) of this Code
section and complies with all the provisions of subsection (g) of this Code
section.
(i)
In the event an active member of the fund dies before retirement and such member
has accumulated at least ten years of membership
service, or 15
years for members who become members on or after July 1,
2010, or would otherwise have been
eligible to receive retirement benefits except for the member's not having
terminated the member's official capacity as a peace officer, benefits shall be
extended to the surviving spouse of such member in the form of an annuity for
the remaining life of such spouse determined and paid to such surviving spouse
under Option Two of this Code section to the same extent as if such member had
died while receiving retirement benefits under Option Two.
(j)
Upon the death of any retired member, any unpaid monthly benefits shall be paid
to the named beneficiary, if any, or if there is no named beneficiary, then to
the estate of the retired member."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.