HB1113: HB1113 Georgia Defined Contribution Plan; exclude part-time students from membership

26 LC 56 0501 House Bill 1113 By: Representatives Barrett of the 24th, Martin of the 49th, Jasperse of the 11th, and Cox of the 28th A BILL TO BE ENTITLED AN ACT To amend Code Section 47-22-1 of the Official Code of Georgia A nnotated, relating to1 definitions regarding the Georgia Defined Contribution Plan, so as to exclude part-time2 students from membership in the plan; to repeal conflicting laws; and for other purposes.3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:4 SECTION 1.5 Code Section 47-22-1 of the Official Code of Georgia Annotated, relating to definitions6 regarding the Georgia Defined Contribution Plan, is amended as follows:7 "47-22-1.8 As used in this chapter, the term:9 (1) 'Accumulated contributions' means the sum of all amounts d educted from the10 compensation of a member's salary and credited to such member's individual account in11 this plan, together with earnings thereon as provided in this chapter.12 (2) 'Board' means the Board of Trustees of the Employees' Reti rement System of13 Georgia.14 (3) 'Defined contribution plan' means a plan which provides fo r an individual account15 for each participant and for benefits based solely on the amoun t contributed to the16 H. B. 1113 - 1 - 26 LC 56 0501 participant's account; any income, expenses, gains, and losses; and any forfeiture of17 accounts of other participants which may be allocated to such participant's account, which18 plan is intended to be qualified under Section 401(a) of the In ternal Revenue Code, 4219 U.S.C. Section 401(a).20 (4) 'Employee' means any employee of an employer who is not a member of any public21 retirement or pension system created pursuant to this title; pr ovided, however, that the22 following persons shall not be considered employees under this paragraph:23 (A) A person performing serv ices for an ins titution in which s uch person is duly24 enrolled as a part-time or full-time student;25 (B) A person performing services for an employer pursuant to a contract as a bona fide26 independent contractor; or27 (C) Members of any state board or commission.28 (5) 'Employer' means the state or any department, bureau, inst itution, board, or29 commission of the state, the State Board of Education, and the Board of Regents of the30 University System of Georgia.31 (6) 'Member' means any employee included in the membership of the plan.32 (7) 'Plan' means the Georgia Defined Contribution Plan created by this chapter.33 (8) 'Plan year' means the 12 month period beginning July 1 of each year."34 SECTION 2.35 All laws and parts of laws in conflict with this Act are repealed.36 H. B. 1113 - 2 -