GA HB250

Members of the Georgia Judicial Retirement System who previously rejected survivor's benefits may subsequently elect such benefits by paying the full actuarial cost necessary to avoid creating any accrued actuarial liability to the system

A new survivor's benefit structure is established for members joining on or after July 1, 2012, offering four options at retirement: 100% joint and survivor, 66⅔% joint and survivor, 50% joint and survivor, or a "pop-up" option that restores the full benefit if the designated survivor predeceases the retiree

Members who were unmarried at retirement, whose designated survivor predeceases them, or who divorce may elect or re-designate a survivor's benefit for a new spouse, with benefits actuarially reduced to equivalent value

If an active vested member dies and is survived by a legal spouse, the spouse automatically receives benefits as if the member had retired on the date of death and elected the 50% joint and survivor option

The Act's effective date of July 1, 2012, is contingent on concurrent funding as required by the Public Retirement Systems Standards Law; without such funding, the Act automatically repeals in its entirety on that date