summary
Introduced
02/20/2025
02/20/2025
In Committee
02/21/2025
02/21/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend Title 34 of the Official Code of Georgia Annotated, relating to labor and industrial relations, so as to provide for the creation of the Peach State Saves program, a defined contribution retirement program; to provide for definitions; to provide for appointment of a board of trustees; to provide for vacancies on such board; to provide for quorum, expenses, authority, powers, and duties of such board; to provide for voluntary participation in the program; to provide for compliance with federal law; to provide for a legal adviser; to provide for membership and eligibility requirements; to provide for certain program details; to provide for varied investment options; to provide for intergovernmental agreements; to provide for disclosures; to provide for the allowable uses of such fund; to provide for the purchasing of insurance; to provide for the hiring or retention of personnel; to provide for the securing of loans; to provide for regular audits; to provide for violations of chapter and penalties; to provide for limitations on liability; to provide for the confidentiality of program participants; to provide for a date for the establishment of the program; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill establishes the Peach State Saves program, a state-sponsored retirement savings initiative designed to provide a voluntary Individual Retirement Account (IRA) option for workers in Georgia. The program will automatically enroll covered employees of businesses with at least five employees in a Roth IRA with a default 5% contribution rate, while allowing employees to opt out or adjust their contribution level. The program will be administered by a board of trustees consisting of members of the Employees' Retirement System of Georgia board and three additional members appointed by the Governor with expertise in retirement, investments, or small business. Key features include voluntary participation, no employer contributions, professionally managed investment options, and annual account reporting. The board will have broad responsibilities, including designing the program, establishing investment options, ensuring compliance with federal tax laws, and providing educational materials about retirement savings. Employers who fail to enroll eligible employees may face penalties, and the program aims to provide a simple, low-cost retirement savings option for workers who do not have access to employer-sponsored retirement plans. The implementation is expected to be phased in, with full rollout targeted for completion by January 1, 2028.
Committee Categories
Labor and Employment
Sponsors (13)
John Albers (R)*,
Max Burns (R)*,
Sonya Halpern (D)*,
Mike Hodges (R)*,
Chuck Hufstetler (R)*,
Nan Orrock (D)*,
Elena Parent (D)*,
Chuck Payne (R)*,
Randy Robertson (R)*,
Brian Strickland (R)*,
Carden Summers (R)*,
Sam Watson (R)*,
Rick Williams (R)*,
Last Action
Senate Read and Referred (on 02/21/2025)
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/70604 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/233244 |
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