Staff Analysis of the Legislation
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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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