GA SB240

Bill

GA SB240

Retirement and Pensions; the minimum and maximum allowable benefit multiplier for current and future retirees; revise

Introduced
02/23/2023

In Committee
03/21/2023

Crossed Over
03/06/2023

Passed

Dead
03/28/2024

Introduced Session

2023-2024 Regular Session

Bill Summary

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 provide that certain employees of charter schools who may be eligible for membership in the retirement system as a result of such employment shall continue to be eligible unless the nonprofit governing board of the charter school elects to provide such employees with an alternative retirement plan; to provide for conditions and limitations; to provide for construction; to amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; to provide for related matters; to repeal conflicting laws; and for other purposes.

AI Summary

This bill has two key provisions: 1. It allows charter schools established in Georgia to provide their employees with an alternative retirement plan instead of enrolling them in the Teachers' Retirement System of Georgia, effective June 1, 2024. However, it does not affect employees of such charter schools who were already members of the retirement system prior to that date. 2. It raises the limit on the total percentage of funds that the Employees' Retirement System of Georgia can invest in alternative investments, from 5% to an unlimited percentage, while maintaining the 5% limit for the Teachers' Retirement System of Georgia.

Committee Categories

Labor and Employment

Sponsors (4)

Randy Robertson (R)*, Blake Tillery (R)*, Larry Walker (R)*, John Carson (R),

Last Action

Senate Conference Report Lost (on 03/28/2024)

Official Document

https://www.legis.ga.gov/legislation/64786

Version:

Document Type	Source Location
State Bill Page	https://www.legis.ga.gov/legislation/64786
LC 56 0205S Auditor's Certification	https://www.legis.ga.gov/api/legislation/document/20232024/229685
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/229666
Floor amend 1 AM 43 0251	https://www.legis.ga.gov/api/legislation/document/20232024/220187
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/219634
Auditor's Certification	https://www.legis.ga.gov/api/legislation/document/20232024/219644
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/218964
Auditor's Certification	https://www.legis.ga.gov/api/legislation/document/20232024/218978
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/217231
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/216521
SB 240 Auditors Certification	https://www.legis.ga.gov/api/legislation/document/20232024/216543
BillText	https://www.legis.ga.gov/api/legislation/document/20232024/215818
SB 240 Auditor's Certification	https://www.legis.ga.gov/api/legislation/document/20232024/215853

Bill > SB240

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (4)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary