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GA HB292
Bill
Status
Passed
4/24/2014
Primary Sponsor
Paul Battles
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AI Summary
- Amends the Magistrates Retirement Fund of Georgia to change member dues from a flat $105.00 per month to 3.42 percent of the member's maximum average final monthly compensation
- Establishes a tiered maximum average final monthly compensation schedule based on county population, ranging from $1,975.98 (counties with 0–5,999 population) to $7,247.87 (counties with 500,000 or more), with a floor of $42,781.22 in annual compensation for benefit calculations
- Revises the secretary-treasurer's retirement benefit from the highest allowed benefit for a full-time chief magistrate to the minimum retirement benefit under Code Section 47-25-81
- Prohibits compensation already used to calculate retirement benefits under the Judges of the Probate Courts Retirement Fund from being used to calculate dues or benefits under the Magistrates Retirement Fund
- Effective date is July 1, 2014, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; otherwise the Act is automatically repealed in its entirety on that date
Legislative Description
Magistrates Retirement Fund of Georgia; maximum average final monthly compensation calculated in determining benefits; establish
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available