SUMMARY:

            This bill would amend Title 47 of the O.C.G.A. to allow employees who chose to participate in the Regents Retirement Plan in lieu of TRS could revoke that decision and participate in TRS.

REQUIREMENTS:

• The bill would apply to persons employed prior to July 1, 2008.
• Eligible employees are faculty and principal administrators who were employed on or after July 1, 1990 and are eligible for retirement, or
• Members of the retirement system with less than 10 years service on July 1, 1990.
• Those eligible may transfer their BOR retirement to TRS as of August 1, 1991.

NOTE:

            Though this bill appears to be crafted so as to allow university system employees to change their retirement plan designation from one plan to another while still employed in the university system, the bill could also help public school educators who previously were employed by the University System of Georgia and are currently employed by a system under TRS.  They could transfer service from the BOR plan to TRS with no penalty.  However, there is a buy-in if there is no direct rollover available.