Date: Tue, 26 Feb 2008 15:50:12 -0500
To: official@list.gcsu.edu
From: Craig Turner <craig.turner@gcsu.edu>
Subject: FYI: Update on ORP Legislation
There are several House Bills relating to the Optional Retirement Plan (ORP) and the Teacher Retirement Plan (TRS).
On Feb 22, 2008, House Bill 815 (HB 815) was endorsed/approved by the House by a vote of 158 - 0.
As I understand it, HB 815 next goes to the Senate for consideration and is still subject to possible modification.
The text of the version of HB 815 approved by the House is found at http://www.legis.ga.gov/legis/2007_08/sum/hb815.htm
My understanding of this legislation is that it proposes four modifications to current legislation
(1) Decouples the ORP employer contribution rate from the TRS normal contribution rate effective Jan 1, 2009
(2) Removes the 4% minimum value for this ORP employer contribution rate
(3) Designates the Board of Regents to set (and review every three years) the employer contribution rate for ORP
in consultation with the state auditor, the director of the Office of Planning and Budget, and the state accounting officer
(again effective Jan 1, 2009)
(4) Broadens the eligibility requirements for participation in ORP to include exempt employees (in addition to faculty)
for individuals first or again employed on or after July 1, 2008
Other retirement legislation (ORP and TRS) that may or may not obtain sufficient traction during this legislative session
to be considered by the full House includes:
HB 797 http://www.legis.ga.gov/legis/2007_08/sum/hb797.htm
HB 865 http://www.legis.ga.gov/legis/2007_08/sum/hb865.htm
HB 870 http://www.legis.ga.gov/legis/2007_08/sum/hb870.htm
HB 879 http://www.legis.ga.gov/legis/2007_08/sum/hb879.htm