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GA HB580
Bill
Status
Passed
4/15/2014
Primary Sponsor
Tom Weldon
Click for details
AI Summary
- Amends Code Section 47-14-70 to allow Superior Court Clerks' Retirement Fund members to elect, upon retirement, an actuarially reduced retirement benefit in exchange for providing a spousal survivor's benefit
- Surviving spouses receive a monthly benefit equal to 50% of the full unreduced retirement amount the member would have been entitled to, provided the spouse was married to the member for at least 6 years immediately preceding the member's death
- Surviving spouse benefits do not commence until the surviving spouse reaches 55 years of age
- Members who elected spousal benefits may revoke that election in writing if the spouse predeceases the member or a final divorce judgment is entered, restoring the full monthly retirement benefit effective the first day of the month following board approval
- Effective date of July 1, 2014, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; otherwise the Act is automatically repealed in its entirety
Legislative Description
Superior Court Clerk's Retirement Fund; provide spousal survivor's benefit
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available