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GA HB967
Bill
Status
Passed
4/27/2016
Primary Sponsor
James Epps
Click for details
AI Summary
- Amends the Macon Water Commissioners Pension Plan to allow terminated members a 12-month period from their termination date to elect whether to take a severance benefit (cumulative employee contributions plus simple interest at 75% of the actuarial interest rate) or leave contributions in the plan trust to preserve accrued employer-contribution benefits
- Requires terminated members with account balances between $1,000.00 and $4,999.99 to have funds deposited into an individual retirement account on their behalf; balances of $5,000.00 or more (excluding rollovers) must be maintained in the plan until the member affirmatively elects to receive them
- Establishes a cliff vesting schedule granting 0% vesting for fewer than five years of service and 100% vesting at five or more years, with protections ensuring vested percentages cannot be reduced by future plan amendments
- Expands direct rollover provisions to allow distributees or their beneficiaries to roll eligible distributions into a range of eligible retirement plans, including IRAs, Roth IRAs, 401(a) trusts, 403(a) and 403(b) annuity plans, and 457(b) deferred compensation plans
- Extends rollover eligibility to nonspouse designated beneficiaries and alternate payees under qualified domestic relations orders, while excluding hardship distributions, required minimum distributions, and distributions under $200.00 annually from rollover eligibility
Legislative Description
"Macon Water Commissioners - Pension Plan"; termination of employment before retirement; modify provisions
Last Action
Effective Date
4/27/2016
Full Bill Text
No bill text available