For the Week of: February 21 - 25, 2011 Legislative Days: 17 - 19 Legislative Update Employees' Retirement System of Georgia February 25, 2011 Page 1 Inside This Update 1 Adjournment Schedule 1 Legislative Log 2 Legislative Log For More Information on Legislation, please visit: www.ers.ga.gov Contact Us Pamela L. Pharris Director, ERSGA 404-603-5602 pamela.pharris@ers.ga.gov Jim Potvin Deputy Director, ERSGA 404-603-5605 jim.potvin@ers.ga.gov Kelly L. Moody Legislative Liaison and Assistant Director, ERSGA 404-603-5646 kelly.moody@ers.ga.gov Danise Thaxton Executive Assistant to the Director, ERSGA 404-603-5602 danise.thaxton@ers.ga.gov Legislative Adjournment Schedule Announced through March 16 February 28 March 1 March 2 March 3 March 4 March 7 March 8 March 9 March 10 March 11 - 13 March 14 March 15 March 16 * Recess is when the General Assembly is not in Session. Legislative Day 20 Legislative Day 21 Legislative Day 22 Legislative Day 23 Legislative Day 24 Legislative Day 25 Legislative Day 26 Legislative Day 27 Legislative Day 28 Recess* Legislative Day 29 Recess* Legislative Day 30 LEGISLATIVE LOG Monday, February 21, 2011 No Bills were considered today due to the General Assembly being in recess. Tuesday, February 22, 2011 HB 144 - Retirement and pensions; revise, modernize, and correct errors or omissions This bill corrects typographical, stylistic, and other errors and omissions in Title 47. February 25, 2011 LEGISLATIVE LOG - Continued HB 144 received a DO PASS from the House Code Revisions Committee. Page 2 HB 293 - Retirement bills; define a certain term This bill amends the definition of a fiscal retirement bill in the Public Retirement Systems Standards to include any bill or amendment which grants a public retirement system an insurable interest in active or retired members, or authorizes or directs a public retirement system to expend or obligate funds to purchase life insurances on its members. Upon passage of this legislation, a bill of such nature will be required to go through the Retirement Committee. HB 293 was assigned to the House Retirement Committee by the full House. HB 295 - Georgia State Employees Pension and Savings Plan; transfer of accrued benefit; provide This bill provides for transfers between the GSEPS Plan under the Employees' Retirement System (ERS) and the Teachers Retirement System (TRS) with retirement benefits being calculated on a pro-rated basis. An individual could have nine years of TRS service and then transfers to the ERS Georgia State Employees' Pension and Savings Plan (GSEPS) plan and loses the benefit they had under TRS. TRS is a 2% formula and ERS is now a 1% formula. This was an oversight when the new GSEPS plan was created and passed by the legislators in 2009. This creates a windfall situation for some and a huge loss for others. HB 295 was assigned to the House Retirement Committee by the full House. HB 297 - Retirement and pensions; public systems prohibited from expending funds for certain purposes; provide This bill prevents any public retirement system from having an insurable interest in the system's active or retired members unless benefits are paid to a designated beneficiary or the member's estate. HB 297 was assigned to the House Retirement Committee by the full House. HB 308 - Public retirement systems; duties of boards of trustees; provide Prior to July 1, 2010, boards of trustees of public retirement systems were subject to applicable provisions in Title 53 dealing with Common Law fiduciary duties. However, an oversight occurred when the statute was amended last session. This bill adds needed provisions to Title 47 concerning Common Law fiduciary duties for boards of trustees of public retirement systems. HB 308 was assigned to the House Retirement Committee by the full House. February 25, 2011 LEGISLATIVE LOG - Continued Page 3 Wednesday, February 23, 2011 HB 293 - Retirement bills; define a certain term This bill amends the definition of a fiscal retirement bill in the Public Retirement Systems Standards to include any bill or amendment which grants a public retirement system an insurable interest in active or retired members, or authorizes or directs a public retirement system to expend or obligate funds to purchase life insurances on its members. A bill of such nature will be required to go through the Retirement Committee. HB 293 received a DO PASS from the House Retirement Committee. HB 297 - Retirement and pensions; public systems prohibited from expending funds for certain purposes; provide This bill prevents any public retirement system from having an insurable interest in the system's active or retired members unless benefits are paid to a designated beneficiary or the member's estate. HB 297 received a DO PASS from the House Retirement Committee. SB 137 - Retirement; update certain cross-references to Chapter 11 of Title 15; provide for conditions This bill updates references in Title 47 relating to the Juvenile Code effective July 1, 2013. The Juvenile Code is being updated and this legislation is a companion bill to the update. SB 137 was assigned to the Senate Judiciary Committee by the full Senate. Thursday, February 24, 2011 HB 344 - Georgia Judicial Retirement System; creditable service for prior service; provide This bill allows any Juvenile Court Judge that is an active member of the Judicial Retirement System (JRS) to purchase up to five years of creditable service for past service as a full-time county Associate Juvenile Court Judge who was not eligible to participate or did not vest in a local retirement plan. This would be a significant change to JRS, as it adds a provision to allow Juvenile Court Judges to receive creditable service for county Associate Juvenile Court Judge service. Currently, Associate Juvenile Court Judges are not allowed to be members of JRS, as they are viewed as county employees. February 25, 2011 LEGISLATIVE LOG - Continued HB 344 was assigned to the House Retirement Committee by the full House. Friday, February 25, 2011 No Bills were considered today due to the General Assembly being in recess. Page 4