| 6 | 6 | | A BILL TO BE ENTITLED |
|---|
| 7 | 7 | | AN ACT |
|---|
| 8 | 8 | | To amend Code Section 47-4-101 of the Official Code of Georgia Annotated, relating to |
|---|
| 9 | 9 | | 1 |
|---|
| 10 | 10 | | retirement benefits payable upon normal, early, or delayed retirement in the Public School2 |
|---|
| 11 | 11 | | Employees Retirement System, so as to revise the minimum and maximum allowable benefit3 |
|---|
| 12 | 12 | | multiplier for current and future retirees; to provide for related matters; to provide conditions4 |
|---|
| 13 | 13 | | for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.5 |
|---|
| 14 | 14 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
|---|
| 15 | 15 | | SECTION 1.7 |
|---|
| 16 | 16 | | Code Section 47-4-101 of the Official Code of Georgia Annotated, relating to retirement8 |
|---|
| 17 | 17 | | benefits payable upon normal, early, or delayed retirement in the Public School Employees9 |
|---|
| 18 | 18 | | Retirement System, is amended by revising subsection (b) as follows:10 |
|---|
| 19 | 19 | | "(b)(1)(A) |
|---|
| 20 | 20 | | Upon retirement on the normal retirement date, a member shall receive a11 |
|---|
| 21 | 21 | | monthly retirement benefit, payment of which shall commence on the effective date of12 |
|---|
| 22 | 22 | | retirement and which shall be payable on the first day of each month thereafter during13 |
|---|
| 23 | 23 | | the member's lifetime. The minimum amount of each monthly retirement payment shall14 |
|---|
| 24 | 24 | | be $16.50 $17.00 multiplied by the number of the member's years of creditable service.15 |
|---|
| 25 | 25 | | S. B. 105 |
|---|
| 26 | 26 | | - 1 - 23 LC 43 2600 |
|---|
| 27 | 27 | | (B) The retirement benefit provided under this subsection shall be payable to those16 |
|---|
| 28 | 28 | | members who have already retired under this chapter as well as those members who17 |
|---|
| 29 | 29 | | retire in the future; provided, however, that no benefit increase above $15.00 per month18 |
|---|
| 30 | 30 | | shall be applied to the benefit of persons who were retired on the effective date of this19 |
|---|
| 31 | 31 | | Act.20 |
|---|
| 32 | 32 | | (C) If the General Assembly at any time appropriates funds expressly intended to fund21 |
|---|
| 33 | 33 | | the benefits provided in this subsection and such amount so appropriated is not22 |
|---|
| 34 | 34 | | sufficient to fund the maximum amount allowable, then the retirement benefit otherwise23 |
|---|
| 35 | 35 | | payable under this subsection shall be reduced pro rata by the board in accordance with24 |
|---|
| 36 | 36 | | a permanent or one-time increase to the benefit amount payable under this paragraph,25 |
|---|
| 37 | 37 | | the board shall make a determination of the amount that such benefit amount may be26 |
|---|
| 38 | 38 | | increased based upon the funds actually appropriated by the General Assembly for such27 |
|---|
| 39 | 39 | | purpose, but in no event shall the retirement benefit be less than $14.75 $17.0028 |
|---|
| 40 | 40 | | multiplied by the member's years of creditable service.29 |
|---|
| 41 | 41 | | (2) Subject to the terms and limitations of this subsection, the board of trustees is30 |
|---|
| 42 | 42 | | authorized to adopt from time to time a method or methods of providing for increases in31 |
|---|
| 43 | 43 | | the retirement allowance paid up to the maximum benefit provided in pursuant to32 |
|---|
| 44 | 44 | | paragraph (1) of this subsection. Such method shall be based upon:33 |
|---|
| 45 | 45 | | (A) The recommendation of the actuary of the board of trustees;34 |
|---|
| 46 | 46 | | (B) The maintenance of the actuarial soundness of the fund in accordance with the35 |
|---|
| 47 | 47 | | standards provided in Code Section 47-20-10 or such higher standards as may be36 |
|---|
| 48 | 48 | | adopted by the board; and37 |
|---|
| 49 | 49 | | (C) Such other factors as the board deems relevant."38 |
|---|
| 50 | 50 | | SECTION 2.39 |
|---|
| 51 | 51 | | This Act shall become effective on July 1, 2024, only if it is determined to have been40 |
|---|
| 52 | 52 | | concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia41 |
|---|
| 53 | 53 | | S. B. 105 |
|---|
| 54 | 54 | | - 2 - 23 LC 43 2600 |
|---|
| 55 | 55 | | Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not |
|---|
| 56 | 56 | | 42 |
|---|
| 57 | 57 | | become effective and shall be automatically repealed in its entirety on July 1, 2024, as43 |
|---|
| 58 | 58 | | required by subsection (a) of Code Section 47-20-50.44 |
|---|
| 59 | 59 | | SECTION 3.45 |
|---|
| 60 | 60 | | All laws and parts of laws in conflict with this Act are repealed.46 |
|---|
| 61 | 61 | | S. B. 105 |
|---|
| 62 | 62 | | - 3 - |
|---|