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GA SB522
Bill
Status
Introduced
6/18/2020
Primary Sponsor
Lester Jackson
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AI Summary
- Expands the option to remain in the Teachers Retirement System of Georgia (TRS) to former TRS members with at least 9 years, 7 months, and 30 days of membership service who become employees otherwise required to join the Employees' Retirement System of Georgia (ERS)
- Under existing law, only vested TRS members had the option to remain in TRS when transitioning to ERS-covered employment; this bill extends that election to non-vested members meeting the specified service threshold
- Amends Code Section 47-2-181 of the Official Code of Georgia Annotated, which governs the transfer of service credits and accumulated contributions between TRS and ERS
- Effective date of July 1, 2020, contingent on a determination of concurrent funding as required by the Public Retirement Systems Standards Law; automatically repealed in its entirety on that date if not concurrently funded
Legislative Description
Employees' Retirement System of Georgia; certain employees who are required to be members and who were former members of the Teachers Retirement System of Georgia; provide
Last Action
Senate Read and Referred
6/19/2020
Full Bill Text
No bill text available