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GA HB601
Bill
Status
Passed
4/15/2014
Primary Sponsor
Howard Maxwell
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AI Summary
- Amends Chapter 11 of Title 47 of the Official Code of Georgia Annotated to add definitions for "adjusted annual income" and "adjusted monthly income" to the Judges of the Probate Courts Retirement Fund of Georgia
- Repeals the automatic annual cost-of-living adjustment (COLA) that provided benefit increases tied to the Consumer Price Index (capped at 2%) for retirees and surviving spouses receiving benefits on or after January 1, 1993
- Simplifies board-granted benefit increase rules by removing provisions that differentiated between members receiving the automatic COLA and those who did not, while retaining a cap of 1.5% on benefit increases in any six-month period
- Effective date of July 1, 2014, contingent on a determination of concurrent funding under the "Public Retirement Systems Standards Law"; automatically repealed in its entirety on July 1, 2014, if funding requirements are not met
Legislative Description
Judges of the Probate Courts Retirement Fund of Georgia; define certain terms; provisions
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available