GA HB516

Eligible University System of Georgia employees who previously made an irrevocable election to participate in the Regents Retirement Plan (Chapter 21) instead of the Teachers Retirement System (TRS) may now revoke that election and become or return as active TRS members, effective the first day of the month following notification to the board of trustees.

Members who switch back to TRS may obtain creditable service for time spent in the Regents Retirement Plan through a one-time application and single lump-sum payment, which may include a direct rollover from the Regents plan if authorized by the federal Internal Revenue Code.

Creditable service granted upon transfer cannot exceed the actual years of eligible prior service and must not create any actuarial accrued unfunded liability to TRS, as calculated by the board of trustees.

Application deadlines vary: employees with at least five years of service as of July 1, 2014, must apply by December 31, 2014; those with fewer than five years, or those hired after July 1, 2014, may apply during their sixth year of eligible employment.

The Act's effective date of July 1, 2014, is contingent on a determination of concurrent funding under the Public Retirement Systems Standards Law (Code Section 47-20-50); otherwise, the Act is automatically repealed in its entirety on that date.