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GA HB477
Bill
Status
Passed
4/15/2014
Primary Sponsor
Jay Powell
Click for details
AI Summary
- Members of the Employees' Retirement System (ERS) of Georgia who were previously active members of the Georgia Judicial Retirement System (GJRS) may elect to transfer all employer and employee contributions, plus regular interest, from GJRS to ERS, provided they have not withdrawn their GJRS contributions
- Members who already withdrew their GJRS employee contributions may still obtain creditable service in ERS by paying any amount they choose directly to the ERS board of trustees
- Creditable service granted under ERS shall not exceed the member's actual years of prior GJRS service, and the amount transferred or paid must be sufficient to avoid creating any accrued liability for ERS
- Members may voluntarily pay additional amounts beyond the transferred contributions to increase their creditable service, up to the cap of their actual prior GJRS service
- Effective date is July 1, 2014, contingent on a determination of concurrent funding under the Public Retirement Systems Standards Law; otherwise, the Act is automatically repealed in its entirety on that same date
Legislative Description
Employees' Retirement System of Georgia; Georgia Judicial Retirement System; transfer service credit
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available