Bill > SB339

This bill amends the Employees' Retirement System of Georgia to establish semiannual postretirement benefit adjustments for beneficiaries, specifically introducing a 1.5% increase to retirement allowances every six months starting July 1, 2026. The bill includes a notable provision allowing the Governor to suspend these adjustments if state revenue decreases by 3% or more below estimates, or if the state experiences three consecutive months of revenue decline. Such suspensions are limited to no more than two consecutive calendar years or three times in a ten-year period, and any executive order suspending the adjustments can be reviewed and potentially modified by the Georgia General Assembly through a joint resolution within one calendar year. Importantly, members who joined the retirement system on or after July 1, 2009, were previously ineligible for postretirement benefit adjustments, but this bill extends that eligibility beginning July 1, 2026. The bill will only become effective on July 1, 2026, if it is determined to be concurrently funded according to the Public Retirement Systems Standards Law, and if not, it will be automatically repealed.

Labor and Employment

https://www.legis.ga.gov/legislation/71362