Bill > HB337

This bill establishes the State Law Enforcement Officer Plan (SLEO Plan), a new retirement benefits program specifically for certain state law enforcement officers employed by various state agencies, including the Department of Public Safety, Georgia Bureau of Investigation, Department of Natural Resources, Department of Revenue, Motor Carrier Compliance Division, and Capitol Police Division. The plan allows eligible officers to make an irrevocable election to join the SLEO Plan by July 1, 2026, with specific provisions including a tiered retirement benefit structure that increases with years of service: officers receive 10% of their average final compensation at 10 years of service, with additional percentages increasing from 3% to 6% for subsequent years of service up to 25 years. Participants will contribute 5% of their earnable compensation, and after 25 years of service, their contributions cease and their retirement benefit is calculated based on their average final compensation at that time. The bill also introduces a Deferred Retirement Option Program (DROP) Account where monthly benefit payments can be deposited and earn interest, with options for lump-sum or annuity payments upon retirement. Importantly, officers cannot retire under this plan before July 1, 2031, and the entire act is contingent on being concurrently funded and will be automatically repealed if funding is not secured.

Labor and Employment

https://www.legis.ga.gov/legislation/70067