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GA HB542
Bill
Status
Engrossed
2/1/2012
Primary Sponsor
Jay Powell
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AI Summary
- Allows former active members of the Georgia Judicial Retirement System who are now members of the Employees' Retirement System of Georgia to transfer all employer and employee contributions, plus regular interest, from the Judicial system to the Employees' system
- Members who have not withdrawn their contributions from the Judicial Retirement System must notify the boards of trustees of both systems by December 31, 2012, to elect the transfer
- Members who previously withdrew their contributions from the Judicial Retirement System may still obtain creditable service by making a payment of any amount they choose to the Employees' Retirement System board of trustees
- Creditable service granted cannot exceed the member's actual years of prior service or the service credited under the Judicial Retirement System, and the transfer must not create any accrued liability for the Employees' Retirement System
- Effective date is July 1, 2012, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; the Act is automatically repealed in its entirety on that date if funding is not confirmed
Legislative Description
Employees' Retirement System of Georgia; transfer service credit; provide
Last Action
Senate Read Second Time
3/21/2012
Committee Referrals
Retirement2/2/2012
Retirement3/16/2011
Full Bill Text
No bill text available