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GA HB960

Bill

Official Source

Status

Introduced

1/26/2010

Primary Sponsor

Tommy Benton

Click for details

Origin

House of Representatives

2009-2010 Regular Session

AI Summary

  • Amends Code Section 47-22-10 of the Georgia Defined Contribution Plan to change how lump sum death benefits are distributed when a member dies without a named beneficiary
  • Previously, if no beneficiary was designated, the lump sum payment defaulted directly to the member's estate
  • Establishes a new priority order for payment when no beneficiary is named: (1) lawful spouse, (2) natural or legally adopted children in equal shares, (3) parents in equal shares, or (4) the personal representative of the estate
  • The lump sum amount remains equal to the total amount credited to the member's account on the date of death
  • Offered as a substitute by the House Committee on Retirement

Legislative Description

Georgia Defined Contribution Plan; make lump sum payment upon death; change

Last Action

House Withdrawn, Recommitted

3/18/2010

Committee Referrals

Retirement1/26/2010

Full Bill Text

No bill text available