Legislative Update Employees' Retirement System of Georgia For the Week of: March 7 - 11, 2011 Legislative Days: 25 - 28 March 11, 2011 Page 1 Inside This Update 1 Legislative Log LEGISLATIVE LOG Monday, March 7, 2011 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 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 back the needed references concerning Common Law fiduciary duties for boards of trustees of public retirement systems. HB 308 received a DO PASS BY COMMITTEE SUBSTITUTE from the House Retirement Committee. HB 473 - Public School Employees Retirement System; increase employee contribution; provide This bill increases the monthly employee contribution from $4.00 to $10.00 for new members of the Public School Employees' Retirement System (PSERS) beginning July 1, 2012. Provisions provide for the minimum monthly retirement benefit for PSERS members to increase from $12.00 to $14.75 for each year of creditable service. The maximum monthly retirement benefit will increase from $15.00 to $20.00 for each year of creditable service. The benefit increases are to the extent that funds are appropriated by the General Assembly. Benefit increases will be payable to active PSERS members and PSERS retirees. HB 473 was assigned to the House Retirement Committee by the full House. March 11, 2011 LEGISLATIVE LOG - Continued Page 2 Tuesday, March 8, 2011 HB 371 - Insurable interest; state entity; not fund life insurance on public officers or employees; provide This bill prevents any State or political subdivision of the State from having an insurable interest in its active or retired public employees or officers unless benefits are paid to a designated beneficiary or the member's estate. HB 371 received a DO PASS from the House Insurance Property and Casualty Sub-Committee. Wednesday, March 9, 2011 HB 371 - Insurable interest; state entity; not fund life insurance on public officers or employees; provide This bill prevents any State or political subdivision of the State from having an insurable interest in its active or retired public employees or officers unless benefits are paid to a designated beneficiary or the member's estate. HB 371 received a DO PASS from the House Insurance Committee. Thursday, March 10, 2011 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 back the needed references concerning Common Law fiduciary duties for boards of trustees of public retirement systems. HB 308 received a DO PASS from the House Rules Committee and was placed on the House Debate Calendar for 3/11/11. Friday March 11, 2011 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 back the needed references concerning Common Law fiduciary duties for boards of trustees of public retirement systems. March 11, 2011 LEGISLATIVE LOG - Continued Page 3 HB 308 received a DO PASS from the full House by a vote of 154-0. HB 371 - Insurable interest; state entity; not fund life insurance on public officers or employees; provide This bill prevents any State or political subdivision of the State from having an insurable interest in its active or retired public employees or officers unless benefits are paid to a designated beneficiary or the member's estate. HB 371 received a DO PASS from the House Rules Committee and was placed on the House Debate Calendar for 3/14/11.