Legislative update (Employees' Retirement System of Georgia), 16 March 2012

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Employees' Retirement System of Georgia

For the Week of: March 12 - March 16, 2012 Legislative Days: 31 - 33

Employees' Retirement System of Georgia
Legislative Update

March 16, 2012

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Inside This Update
1 Legislative Log

Legislative Log
Monday, March 12, 2012

For More Information on Legislation, please visit: www.ers.ga.gov
Contact Us
Jim Potvin Executive 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 805 - State Personnel Administration; abolition; make conforming amendments and correct references
This bill removes references to the State Personnel Administration throughout Title 47 and provides for the transfer of certain functions to the Department of Administrative Services.
HB 805 received a DO PASS from the Senate Rules Committee and was placed on the Senate Debate Calendar for 3/13/12.
Tuesday, March 13, 2012
HB 805 - State Personnel Administration; abolition; make conforming amendments and correct references
This bill removes references to the State Personnel Administration throughout Title 47 and provides for the transfer of certain functions to the Department of Administrative Services.
HB 805 received a DO PASS from the full Senate by a vote of 48 - 0.

Wednesday, March 14, 2012
HB 183 General Assembly members; members of Georgia Legislative Retirement System; provisions
This legislation allows new members of the General Assembly to make an irrevocable election to become members of the Legislative Retirement System (LRS) within two months of the beginning of each term of office on or after July 1, 2012. Once an election is made for LRS membership, there is no requirement to make an election to continue membership in this system. The required vesting period of eight years will remain unchanged.

March 16, 2012
Legislative Log (continued)

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The bill also allows an irrevocable election for those who previously declined LRS membership the ability to purchase prior service, provided that the member pays full actuarial cost.

As part of clean-up legislation for compliance purposes, this bill also amends statute to make it mandatory that employers report rehire of LRS retirees.

HB 183 received a DO PASS from the Senate Retirement Committee. HB 250 - Georgia Judicial Retirement System; revised survivor's benefit option; provisions

Currently, JRS members must elect spousal coverage upon becoming a member of the Judicial Retirement System (JRS) or upon marriage. The member pays an additional 2.5% each year for 16 years for this coverage.

This bill allows for new members as of July 1, 2012, to pay normal employee contributions as required by the actuary, and then at retirement, elect an option to cover a spouse by taking a reduced retirement allowance. Such a change allows for equity to the current Employees' Retirement System (ERS) spousal coverage.

Current JRS members that have at least ten years of service, who at time of enrollment rejected spousal benefits, may pay the full actuarial cost for these benefits and may choose to cover their spouse according to the previous plan design.

HB 250 received a DO PASS from the Senate Retirement Committee.
SB 246 - Retirement; provide an increase in the employee contribution; retirement benefit; conditions

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 $16.50 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 current and future PSERS retirees. However, there will be no benefit increase above $15.00 for members retired on and after the effective date of this legislation.

SB 246 received a DO PASS by Committee Substitute from the House Retirement Committee.
SB 286 - Retirement; tax commissioner or an employee of any such officer; membership; Employees' Retirement System of Georgia

This bill allows Tax Commissioners, tax collectors, tax receivers and their employees, who first or again take office or become employed after July 1, 2012 to have the option to become members of the Employees' Retirement System (ERS) or either a local pension plan. Membership would be prohibited in both plans. If membership in ERS is designated, the County will then be responsible for paying employer contributions for such member.

March 16, 2012
Legislative Log (continued)

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SB 286 received a DO PASS by Committee Substitute from the House Retirement Committee.

Thursday, March 15, 2012

No bills were considered today due to the General Assembly being in recess.

Friday, March 16, 2012

No bills were considered today due to the General Assembly being in recess.