Bill
Bill > SB143
summary
Introduced
02/11/2025
02/11/2025
In Committee
02/12/2025
02/12/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend Article 6 of Chapter 7 of Title 47 of the Official Code of Georgia Annotated, relating to retirement, retirement allowances, disability benefits, and death benefits relative to the Georgia Firefighter's Pension Fund, so as to provide for certain members to retire at age 50; to provide for certain members to continue working while receiving retirement benefits; to provide for certain members who have retired and reentered employment to accrue creditable service without a seven-year minimum; 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 provide for an exception for the Georgia Firefighters' Pension Fund to invest in assets rated below investment grade; to provide for a maximum percentage of assets to be invested in such assets; to raise the limit for the total percentage of funds that the Georgia Firefighter's Pension Fund may invest in alternative investments; to provide conforming changes; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.
AI Summary
This bill modifies the Georgia Firefighter's Pension Fund to provide more flexible retirement options for firefighters. The key provisions include allowing eligible members to retire at age 50 if their combined years of age and creditable service equal at least 80, which is a reduction from the previous retirement age of 55. Retired members can now continue working while receiving retirement benefits, though they cannot earn additional creditable service or pay monthly dues during this time. The bill also introduces a new provision for members with at least 15 years of service to become eligible for a vested monthly benefit when they reach 55 years of age. Additionally, the bill expands investment options for the pension fund by allowing up to 10 percent of total assets to be invested in below investment-grade assets and increasing the limit on alternative investments from 15 to 20 percent. The changes aim to provide more retirement flexibility for firefighters and potentially improve the fund's investment strategy. The bill is set to become effective on July 1, 2026, contingent on being appropriately funded, and includes provisions for automatic repeal if funding conditions are not met.
Committee Categories
Labor and Employment
Sponsors (6)
John Albers (R)*,
Kay Kirkpatrick (R)*,
Chuck Payne (R)*,
Randy Robertson (R)*,
Shawn Still (R)*,
Rick Williams (R)*,
Last Action
Senate Read and Referred (on 02/12/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/70178 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/231998 |
| LC 56 0297 Auditor's Certification | https://www.legis.ga.gov/api/legislation/document/20252026/232017 |
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