Plain English Breakdown
The phrase 'certain persons' is used without definition in the provided summary; the exact eligibility criteria remain unknown based on this excerpt.
HB773: Let Some School Staff Choose the Teachers Retirement System
This bill allows certain school employees who are currently required to join one retirement plan to make a permanent choice to join the Teachers Retirement System of Georgia instead.
What This Bill Does
- Permits specific persons, otherwise required to be members of the Public School Employees Retirement System, to elect membership in the Teachers Retirement System of Georgia.
- Makes this election irrevocable, meaning it cannot be changed once made.
- Prohibits transferring creditable service between these systems for those who make the choice.
- Repeals any existing laws that conflict with these new provisions.
Who It Names or Affects
- Certain persons currently required to join the Public School Employees Retirement System.
- The Teachers Retirement System of Georgia, which will accept these new members.
Terms To Know
- Irrevocable election
- A choice that cannot be changed or taken back once it is made.
- Creditable service
- Time worked by an employee that counts toward their retirement benefits, which this bill prohibits transferring between systems for eligible members.
Limits and Unknowns
- The official text does not specify exactly which job titles or roles qualify as 'certain persons' allowed to make the election.
- No specific effective date is listed in the provided summary; the bill only states it will provide conditions for an effective date and automatic repeal.