The following is a synopsis of legislation enacted during the 2004 session of the General Assembly having an effect on the Employees' Retirement System (ERS) and/or its members. The laws are effective July 1, 2004. Act No. 538 (House Bill 480) – Adds 47-2-100 to allow a member to purchase up to three additional years of creditable service by paying the full actuarial cost. Application and payment must be made in conjunction with and simultaneously with the member’s application for retirement. Creditable service shall not be used to obtain 10 years of service for vesting purposes or to qualify for a benefit at age 60. Act No. 542 (House Bill 609) – Amends 47-1-9(b)(1) to allow a retired member who was unmarried at the time of retirement to revoke the selection of children for a survivor’s option at time of retirement and substitute a current or new spouse. Act No. 546 (House Bill 878) - Amends 47-2-262 by adding paragraph (c) to allow assistant district attorneys and employees of the Prosecuting Attorneys’ Council, who were required to be members of ERS but failed to do so due to an administrative error, to be deemed members from the obligated date. Service shall be granted upon payment of employee and employer contributions which should have been made, plus regular interest thereon. Such payment shall be credited to the member’s annuity account. Act No. 547 (House Bill 914) – Amends 47-2-121 by adding paragraph (e.4) which allows a reduced retirement benefit together with a partial lump sum distribution under Option 5 in addition to electing another optional allowance. The amount of the lump sum may not exceed the sum of 36 months of the monthly retirement allowance that would have been received if the lump sum option had not been elected. Members retiring pursuant to 47-2-123 and 47-2-120(e) are excluded. Also adds 47-2-121(i)(1) and (2) to allow the balance of member’s accumulated contributions to be payable to designated beneficiary or estate if total retirement benefits paid do not equal accumulated contributions. Act No. 553 (House Bill 1137) – Amends 47-2-323 to change the designation of the Georgia Indigent Defense Council to the Georgia Public Defender Standards Council. Act No. 478 (House Bill 1246) – Code Corrections. |