Bill > SB198

This bill modifies the Georgia Legislative Retirement System by introducing new provisions for adjusting retirement benefits. The bill defines key terms like "benefit multiplier" (the amount used to calculate a member's monthly retirement allowance) and "funded ratio" (the ratio of plan assets to accrued liabilities). It allows the board of trustees to increase benefit multipliers for retirement system members, but only if the system maintains a minimum 120 percent funded ratio. The increases in benefit multipliers must not lower the system's funded ratio below 120 percent and can be applied to different groups of members based on their service and retirement date. The bill also stipulates that for each increase in the creditable service benefit multiplier, the presiding creditable service multiplier and member contributions will be proportionally increased. Members who joined the system after 2009, who were previously ineligible for post-retirement benefit adjustments, will now be able to receive these increases. The bill is set to become effective on July 1, 2026, contingent on being concurrently funded according to the Public Retirement Systems Standards Law, and will be automatically repealed if funding conditions are not met.

Labor and Employment

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