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laws and parts of laws in conflict with this Act are repealed.