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The
following is a synopsis of legislation enacted during the 2007 session of the
General Assembly having an effect on the Georgia Judicial Retirement System (GJRS)
and/or its members. The laws were effective July 1, 2007.
Act No. 23 (Senate Bill
156) – All Systems – LC 21 9499S – Balfour, Cowsert, Hawkins, et al –
Non-fiscal - Amends 47-20-10 by adding 47-20-10.1 to authorize political
subdivisions to create retiree health benefit plans to provide for payment of
covered post-employment health care expenses for eligible present and future
retirees and other related expenses for compliance to Governmental Accounting
Standards Board Statements (GASB) 43 and 45.
Act No. 43 (House Bill
318) – Large Systems – HB318/RCSFA – Benton, Coleman, Bridges, et al
–Non-Fiscal -Amends 47-20 83 to allow a large retirement system to invest 15% of
the retirement system assets in corporations or in obligations of corporations
organized in a country other than the United States or Canada subject to the
provisions of paragraph (1) of subsection (a) of 47-20-83. This is retirement
system investment legislation.
Act No. 61 (House Bill
448) – ERS/LRS/GJRS – LC 21 9502S – Bridges, Maxwell – Non-fiscal – Amends
47-2-54, 47-2-334, 47-19-10, and 47-23-29 and 30 in compliance with GASB
Statements 43 and 45 requiring two separate trust funds be maintained by the
retirement system for the group term life insurance for eligible members of ERS,
LRS, and GJRS. Effective June 30, 2007, the trust funds shall be known as the
(1) “the retired and vested inactive members trust fund” and (2) “the active
members fund”. This compliance legislation does not impact the amount of
coverage for members/retirees, such coverage being provided through contract
with the State Employees Assurance Department.
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