Bill > SB261

This bill makes several changes to the Magistrates Retirement Fund of Georgia, including altering the composition of its Board of Commissioners starting July 1, 2026, to include one retired chief magistrate in addition to four active chief magistrates, while maintaining the Governor or their designee and an appointee of the Governor. It also increases the monthly contribution rate for members from 3.42% to 4.0% of their compensation and modifies how retirement benefits are calculated by increasing the percentage of compensation used for each year of service from 4% to 5% and raising the maximum number of years of service that can be counted towards a benefit from 20 to 28 years, with specific maximum average final monthly compensation amounts based on county population. These changes are set to take effect on July 1, 2026, provided the bill is concurrently funded according to the Public Retirement Systems Standards Law, otherwise it will be automatically repealed.