Bill Text: GA SB167 | 2011-2012 | Regular Session | Comm Sub

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Bill Title: Employment Security; any such benefit shall be reduced by a benefit received from a public retirement system

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2012-01-09 - Senate Recommitted [SB167 Detail]

Download: Georgia-2011-SB167-Comm_Sub.html

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11 LC 37 1208S

The Senate Insurance and Labor Committee offered the following substitute to SB 167:

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 34-8-193 of the Official Code of Georgia Annotated, relating to determination of weekly unemployment compensation benefit, so as to provide that any such benefit shall be reduced by a benefit received from a public or private retirement system; to define a certain term; to provide for a method of calculation; to provide for consideration of any employee contribution; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 34-8-193 of the Official Code of Georgia Annotated, relating to determination of weekly unemployment compensation benefit, is amended by adding a new subsection to read as follows:

"(i)(1) As used in this Code section, the term 'retirement system' means any private retirement system regulated by the federal Employee Retirement Income Security Act of 1974, 29 U.S.C. Section 1001, et seq., and any public retirement system or fund created by an Act of the General Assembly or by any political subdivision of the state upon which public funds are expended. Such term also means any association of like political subdivisions the purpose of which is the pooling of funds for retirement or pension purposes. Such term shall not mean a defined contribution fund established under Section 401(k) or Section 457 of the federal Internal Revenue Code.

(2) Notwithstanding the provisions of subsection (f) of this Code section, the amount of unemployment compensation payable to an individual for any week which begins in a period with respect to which such individual is receiving a benefit from a retirement system shall be reduced by an amount equal to the amount of such benefit. Such remaining benefit, if not a multiple of $1.00, shall be computed to the nearest multiple of $1.00.

(3) The Commissioner shall take into consideration the amount contributed by the individual to the retirement system and shall limit such reduction based on the percent share contributed by such individual."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.