| 1 | 1 | | 23 LC 43 2718 |
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| 2 | 2 | | H. B. 746 |
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| 3 | 3 | | - 1 - |
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| 4 | 4 | | House Bill 746 |
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| 5 | 5 | | By: Representative Carson of the 46 |
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| 6 | 6 | | th |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | To amend Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the |
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| 11 | 11 | | 1 |
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| 12 | 12 | | Employees' Retirement System of Georgia, so as to include certain compensation2 |
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| 13 | 13 | | supplements in the calculation of "earnable compensation"; to provide for related matters;3 |
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| 14 | 14 | | to provide conditions for an effective date and automatic repeal; to repeal conflicting laws;4 |
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| 15 | 15 | | and for other purposes.5 |
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| 16 | 16 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 17 | 17 | | SECTION 1.7 |
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| 18 | 18 | | Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees'8 |
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| 19 | 19 | | Retirement System of Georgia, is amended by revising paragraph (15) of Code Section9 |
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| 20 | 20 | | 47-2-1, relating to definitions, as follows:10 |
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| 21 | 21 | | "(15) 'Earnable compensation' means the full rate of regular compensation payable to a11 |
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| 22 | 22 | | member employee for his or her full normal working time, excluding |
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| 23 | 23 | | including any12 |
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| 24 | 24 | | compensation supplements other than those derived from local funds. In cases where13 |
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| 25 | 25 | | compensation includes maintenance, the board of trustees shall fix the value of that part14 |
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| 26 | 26 | | of the compensation not paid in cash. Such term shall include contributions made to a15 |
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| 27 | 27 | | qualified transportation plan, within the meaning of Section 132(f) of the federal Internal16 23 LC 43 2718 |
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| 28 | 28 | | H. B. 746 |
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| 29 | 29 | | - 2 - |
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| 30 | 30 | | Revenue Code, and before tax or salary deferral contributions made under Section 125, |
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| 31 | 31 | | 17 |
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| 32 | 32 | | 401(k), 402(g)(3), 457, or 414(h) of the federal Internal Revenue Code to this retirement18 |
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| 33 | 33 | | system or to any other retirement plan maintained by an employer."19 |
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| 34 | 34 | | SECTION 2.20 |
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| 35 | 35 | | This Act shall become effective on July 1, 2024, only if it is determined to have been21 |
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| 36 | 36 | | concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia22 |
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| 37 | 37 | | Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not23 |
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| 38 | 38 | | become effective and shall be automatically repealed in its entirety on July 1, 2024, as24 |
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| 39 | 39 | | required by subsection (a) of Code Section 47-20-50.25 |
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| 40 | 40 | | SECTION 3.26 |
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| 41 | 41 | | All laws and parts of laws in conflict with this Act are repealed.27 |
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