HB 667

Abstract

A BILL to be entitled an Act to amend Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to the Teachers Retirement System of Georgia, so as to require actuarial investigations for the retirement system to occur at least once in every three-year period; to provide that the maximum annual assumed rate of return shall not exceed 6 percent; to require the retirement system to use direct rate smoothing for actuarially determined employer contributions; to require that certain legacy debt of the retirement system be paid by a certain date; to require that future unfunded actuarial accrued liability shall be paid using 15 year amortization periods; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.