Bill
Bill > HB624
GA HB624
Georgia Legislative Retirement System; define certain terms; change certain provisions
summary
Introduced
03/24/2017
03/24/2017
In Committee
03/23/2018
03/23/2018
Crossed Over
02/28/2018
02/28/2018
Passed
Dead
03/29/2018
03/29/2018
Introduced Session
2017-2018 Regular Session
Bill Summary
A BILL to be entitled an Act to amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia Legislative Retirement System, so as to define certain terms; to change certain provisions relating to employee contributions to the retirement system, payment of employee contributions on behalf of the member, and additional contributions; to change certain provisions relating to prior service credit for military service; to change certain provisions relating to eligibility and application for a retirement allowance, early retirement, amount of retirement allowance, compliance with federal tax laws, and increases in retirement allowance; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.
AI Summary
This bill amends the Georgia Legislative Retirement System to define certain terms, including "average monthly salary" and "monthly salary." It increases the employee contribution rate from 7.5% to 9.5% of monthly salary and removes an additional 1% contribution. The bill also changes provisions related to prior service credit for military service, eligibility and application for retirement, the amount of retirement allowance, and compliance with federal tax laws. For members who were contributing on or after July 1, 2018, the monthly service retirement allowance is set at the greater of 38% of the member's average monthly salary or $50 multiplied by the number of years of creditable service. The bill is contingent on concurrent funding as required by the Public Retirement Systems Standards Law.
Sponsors (7)
Paul Battles (R)*,
Thomas Benton (R)*,
Jon Burns (R)*,
Howard Maxwell (R)*,
John Meadows (R)*,
Jay Powell (R)*,
Ellis Black (R),
Last Action
Senate Tabled (on 03/27/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | http://www.legis.ga.gov/Legislation/20172018/175617.pdf |
| BillText | http://www.legis.ga.gov/Legislation/20172018/173672.pdf |
| BillText | http://www.legis.ga.gov/Legislation/20172018/169367.pdf |
| Bill | http://www.legis.ga.gov/legislation/en-us/display/20172018/hb/624 |
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