Bill > SB261

This bill makes several changes to the Magistrates Retirement Fund of Georgia, including modifying the composition of its Board of Commissioners starting July 1, 2026, to include one retired chief magistrate in addition to active ones, and it introduces an early retirement option by lowering the minimum retirement age from 60 to 55, though retiring before age 60 will result in a reduced benefit calculated at a rate of 3% per month below age 60. Additionally, the bill increases the employee contribution rate from 3.42% to 4.0% of their compensation, raises the percentage of average final monthly compensation used to calculate retirement benefits from 4% to 5% per year of service, and extends the maximum number of years of service that can be used for benefit calculation from 20 to 28 years. It also removes a fixed statutory maximum for monthly compensation used in benefit calculations, replacing it with an amount to be determined by the Board of Commissioners, which must ensure the fund's actuarial soundness. The bill specifies an effective date of July 1, 2026, contingent on concurrent funding as required by the Public Retirement Systems Standards Law, and includes provisions for automatic repeal if this condition is not met.

Labor and Employment

https://www.legis.ga.gov/legislation/70890