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GA HB635
Bill
Status
Passed
5/1/2012
Primary Sponsor
James Epps
Click for details
AI Summary
- Closes the Macon Water Authority pension plan to new employees hired on or after July 1, 2012, while allowing existing participants to optionally transfer their earned benefits to any future plan offered by the authority
- Redefines "final average monthly compensation" effective December 31, 2012, as the highest four consecutive calendar years out of the last 15 years divided by 48, or the previous three-year calculation, whichever is greater
- Sets normal retirement age at 63, with early retirement options available at age 55 with 15+ years of service, at any age with 25+ years of service, or at age 55 with 30+ years of service (unreduced benefits)
- Establishes a tiered benefit multiplier ranging from 2.000% for 1-30 years of service up to 2.250% for 40+ years, with employee contributions set at 6.20% of compensation and a five-year cliff vesting schedule
- Requires concurrent funding certification under Georgia's Public Retirement Systems Standards Law (Chapter 20, Title 47) for a July 1, 2012, effective date; otherwise the Act automatically repeals in its entirety
Legislative Description
Macon Water Commissioners - Pension Plan; change provisions
Last Action
Effective Date
7/1/2012
Committee Referrals
Retirement2/22/2012
Retirement4/11/2011
Full Bill Text
No bill text available