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GA SB336
Bill
Status
Passed
4/26/2016
Primary Sponsor
Ellis Black
Click for details
AI Summary
- Governing bodies of municipal corporations may establish or join Georgia Municipal Employees Benefit System retirement plans or master plans by resolution in addition to ordinance
- Employee contributions to purchase additional service credit under a defined benefit plan are exempted from the existing cap of 50% of the value of the employee's benefit upon commencement of benefits
- Valuation of benefits under a defined benefit plan must be made using the actuarial assumptions used to determine employer contributions in effect at the time of determination
- Eligibility to join master plans is expanded to all employers by removing the prior restriction limiting participation to employers with fewer than 16 eligible employees
- Municipal corporations' authority to designate a separate board of trustees for a master plan is eliminated
Legislative Description
Retirement; permit governing bodies of municipal corporations to enact plans by resolution in addition to ordinance
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available