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SB 0240 - Employees'/Teachers' Retirement; membership/participation in any public retirement system may be transferred or terminated; procedures

Tracking Level: Monitor
Sponsor: Heath,Bill 31st
Last Action: 2/28/2007 - Senate Read and Referred
Senate Committee: RET
Assigned To:
02. Supreme CourtNext Bill
03. Court of AppealsNext Bill
05. Superior CourtsNext Bill
06. State CourtsNext Bill
08. Probate CourtsNext Bill
09. Magistrate CourtsNext Bill
Retirement & CompensationNext Bill

Staff Analysis of the Legislation

Amend Article 1 of Chapter 1 of Title 47.  Relating to general provisions relating to retirement and pensions.  This bill would provide that any member of the Employees� Retirement System of Georgia, the Teacher�s Retirement System of Georgia, or of any retirement system or pension fund whose funds are managed by either such system shall be entitled to direct that all employer and employee contributions made by or on their behalf, together with earnings thereon, be transferred to an account of their own choosing so that they may manage the investment of such funds without the expertise or intervention of such retirement systems and that their membership and participation in any public retirement system be terminated.  Such persons shall thereafter be ineligible to participate in a public retirement system.  


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