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GA HB843
Bill
Status
Passed
4/15/2014
Primary Sponsor
Lynne Riley
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AI Summary
- Amends Title 47 of the Georgia Code to simplify maximum benefit provisions for public retirement and pension systems by replacing detailed statutory definitions and calculations with a general requirement that maximum annual additions and benefits conform to Section 415(b) and (c) of the federal Internal Revenue Code
- Replaces detailed provisions in Code Section 47-1-83 regarding benefit adjustments, disability exceptions, cost-of-living increases, and annuity starting date limits with a streamlined requirement that members' accrued benefits be nonforfeitable and fully vested upon full or partial termination of a public retirement or pension system, per federal Treasury Regulation Section 1.401-6
- Designates employer-paid employee contributions to the Georgia Legislative Retirement System as mandatory "pick-up contributions" under Section 414(h) of the federal Internal Revenue Code, prohibiting members from receiving such contributions as cash and requiring they be 100 percent vested
- Applies the same pick-up contribution requirements to the Georgia Judicial Retirement System for superior court judges, district attorneys, judges and solicitors-general of state courts, and juvenile court judges
- Repeals all conflicting laws to ensure Georgia's public retirement systems maintain compliance with federal tax qualification requirements
Legislative Description
Retirement and pensions; ensure compliance with federal laws and regulations; change certain provisions
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available