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GA HB974

Bill

Official Source

Status

Engrossed

2/25/2014

Primary Sponsor

Howard Maxwell

Click for details

Origin

House of Representatives

2013-2014 Regular Session

AI Summary

  • Amends Code Section 47-17-44 governing the Peace Officers' Annuity and Benefit Fund to change how the cost of purchasing prior service credit is calculated
  • Replaces the prior fixed-rate formula of $20.00 per month plus 10% interest per annum compounded annually with an amount determined by the fund's actuary so as not to create any actuarial accrued unfunded liability
  • Applies the new actuarially determined cost method to both general fund members (subsection c) and members qualifying under subparagraph (J) of paragraph (5) of Code Section 47-17-1 (subsection d)
  • Retains the existing cap of five years on the total amount of prior service credit a member may purchase
  • Retains the requirement that members who joined or rejoined the fund on or after July 1, 1994, must have been active members for five or more years before purchasing prior service credit

Legislative Description

Retirement and pensions; required contributions to receive service credit; change

Last Action

Senate Read Second Time

3/12/2014

Committee Referrals

Retirement2/26/2014
Retirement2/10/2014

Full Bill Text

No bill text available