§ 3-507. Modification of pension plans.

As authorized by the provisions of the Constitution of the State of Georgia of 1983, Article IX, Section II, Paragraph III(a)(14), the Acts, approved February 15, 1933, August 13, 1927, and August 20, 1974 (found respectively at Ga. L. 1933, p. 213, et seq.; Ga. L. 1927, p. 265, et seq.; Ga. L. 1924, p. 167, et seq., all as amended), providing for pensions for officials and employees of cities having a population of 300,000 or more according to the United States Census of 1920 or any subsequent census thereof, shall be modified, insofar as they appertain to employees and officials of the City of Atlanta and its board of education in accordance with the following rules and procedures:

(1)

Any other provisions in the Charter notwithstanding, any pension law modification shall be effected only by ordinance adopted by at least two-thirds of the total membership of the council and duly approved by the mayor;

(2)

Any such ordinance shall be considered for final action by the council only after receipt of:

a.

An investigation by an independent actuary of any such proposed modification, evidenced by a written report from such actuary which shall include, but not be limited to, such actuary's analysis of the funding requirements relating to any such modification and the opinion of such actuary as to the propriety of any such modification. Any such opinion must state that such modification is in conformity with applicable state laws governing the funding requirements for modifications to such pension plans. Such opinion shall be accompanied by the written recommendations of the city attorney and chief financial officer;

b.

A written communication to the board of trustees of each of the respective pension funds affected by such modification to provide notice of the proposed modification of a provision of the pension plan and to request their non-binding recommendation in favor or against the proposed modification within 45 days from the date of introduction of the legislation, unless extended by Ordinance;

c.

Any such ordinance modifying the Act approved August 13, 1927 (Ga. L. 1927, p. 265 et seq., as amended) and affecting employees of the Atlanta Board of Education shall become effective as to such employees only after such modification is adopted by a majority of the total membership of the Atlanta Board of Education.

(3)

No substitute or amendment to any ordinances presented to the council hereunder shall be considered without a subsequent investigation of such proposed substitute or amendment by an independent actuary and recommendations of the city attorney and chief financial officer as provided in (2)(a), hereinabove, and the communication providing notice and requesting a recommendation from the boards of trustees of the respective pension fund affected by such modification as set forth in (2)(b), hereinabove;

(4)

No ordinance which modifies any of the aforesaid pension laws and has a fiscal impact on the pension systems established by such laws shall be adopted by the council or approved by the mayor until adequate provision for funding such modification has been made to defray the fiscal impact of such modification.

(1996 Ga. L. (Act No. 1019), p. 4469; Ord. No. 2010-73(10-O-1892), § 1, 12-15-10; Ord. No. 2011-33(11-O-0673), § 1, 7-27-11)