Bill > SB157

This bill provides an opportunity for certain members or former members of the Georgia General Assembly to retroactively buy into the Georgia Legislative Retirement System under specific conditions. To be eligible, a member or former member must have served at least four years or two full terms, never been a previous member of the system, submit an application to the board of trustees, and pay the full actuarial cost for the additional creditable service. By September 1, 2026, the Employees' Retirement System must send a one-time written notice to eligible members informing them of this opportunity, including the exact amount required to purchase past service credits. The bill distinguishes between members whose service concluded before and after January 1, 2022, as they will receive different monthly pension amounts based on their service period. Importantly, the bill will only become effective on July 1, 2026, if it is determined to be concurrently funded according to the Public Retirement Systems Standards Law; otherwise, it will be automatically repealed. This legislation aims to provide a pathway for long-serving state legislators to receive retirement benefits for their past service, even if they were not originally part of the legislative retirement system.

Labor and Employment

https://www.legis.ga.gov/legislation/70262