Bill > SB198

This bill allows the board of trustees of the Georgia Legislative Retirement System to increase "benefit multipliers," which are factors used to calculate a member's monthly retirement allowance based on their years of service. These increases are contingent on the system maintaining a "funded ratio" of at least 120 percent, meaning the value of its assets is at least 120 percent of its liabilities, as determined by an actuary. The bill also mandates that for every increase in the benefit multiplier, employee contributions and the benefit multiplier for presiding creditable service will automatically increase proportionally. Importantly, members who joined the system after July 1, 2009, will now be eligible to receive these benefit multiplier increases, a change from previous restrictions. The bill specifies conditions for how these increases are applied to different groups of members and sets an effective date of July 1, 2026, with a condition of concurrent funding to avoid automatic repeal.

Labor and Employment

https://www.legis.ga.gov/legislation/70478