Georgia Legislative Watch

SB240 - Employees’/Teachers Retirement; membership/participation in any public retirement system may be transferred or terminated; procedures
Sponsored by: Heath,Bill 31st

A BILL to be entitled an Act to make certain findings of fact and a statement of intent; to amend Article 1 of Chapter 1 of Title 47 of the O.C.G.A., relating to general provisions relating to retirement and pensions, so as to provide that any member of certain retirement systems shall be entitled to direct that all employer and employee contributions made by or on behalf of him or her, together with earnings thereon, be transferred to an account of his or her choosing so that he or she may manage the investment of such funds without the expertise or intervention of such retirement systems and that his or her membership and participation in any public retirement system be terminated; to provide that such persons shall thereafter be ineligible to participate in a public retirement system; to provide for an application; to provide for procedures; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.