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GA HB337
Bill
Status
Passed
5/1/2012
Primary Sponsor
Tommy Benton
Click for details
AI Summary
- Amends Code Section 47-16-101 to allow a retired member of the Sheriffs' Retirement Fund of Georgia who elected a spousal benefit option (Option Two or Option Three) to either continue or revoke that coverage following a final judgment of divorce
- Upon revocation of the spousal option, the retired member would begin receiving the higher monthly benefit they would have been entitled to under Option One, with no retroactive payments
- If a retired member who revoked the spousal option after divorce subsequently remarries, they may elect reduced monthly benefits under Option Two or Option Three for the new spouse, calculated using actuarial equivalence based on both spouses' ages, Mortality Table GA5 1 with projection, and 6% annual interest
- Effective date set for July 1, 2012, contingent on concurrent funding as required by the Public Retirement Systems Standards Law (Chapter 20 of Title 47); the Act would be automatically repealed in its entirety on that date if funding requirements are not met
Legislative Description
Sheriffs' Retirement Fund of Georgia; divorced member option to continue coverage; provisions
Last Action
Effective Date
7/1/2012
Committee Referrals
Retirement2/1/2012
Retirement2/24/2011
Full Bill Text
No bill text available