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GA HB295
Bill
Status
Engrossed
1/24/2012
Primary Sponsor
Tommy Benton
Click for details
AI Summary
- Establishes a method for calculating accrued benefits when employees under the Georgia State Employees Pension and Savings Plan transfer between the Employees' Retirement System (ERS) and the Teachers Retirement System (TRS)
- Requires the transferring retirement system to calculate the accrued benefit based on service and compensation at the time of transfer, determine its present value using board-adopted methods and assumptions, and transfer the greater of the present value or the balance of employee contributions and interest
- Transferred service credit counts toward all purposes in the receiving retirement system, and total benefits are subject to the rules of the receiving system
- Requires both ERS and TRS to retroactively recalculate accumulated benefits for any person who transferred between the two systems from January 1, 2009, through June 30, 2012, using the newly prescribed methods
- Effective date is July 1, 2012, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; the Act automatically repeals if funding is not secured
Legislative Description
Georgia State Employees Pension and Savings Plan; transfer of accrued benefit; provide
Last Action
Senate Read Second Time
2/23/2012
Committee Referrals
Retirement1/25/2012
Retirement2/22/2011
Full Bill Text
No bill text available