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GA SB197
Bill
Status
Engrossed
2/8/2018
Primary Sponsor
Ellis Black
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AI Summary
- After July 1, 2018, no law, rule, regulation, resolution, or ordinance may be passed that allows creditable service in any public retirement system unless the individual pays the full actuarial cost of obtaining that service
- Existing laws allowing creditable service for less than full actuarial cost may only be amended in ways that do not increase the actuarial cost to any retirement system
- Credit for service accrued while a member was actively contributing to the retirement system is exempt from the full actuarial cost requirement
- Retirement system administrators may adopt optional payment plans allowing members to pay for creditable service through equal monthly payroll deductions over periods of 12, 24, 36, 48, 60, or 120 months, with the schedule amortizing the full actuarial cost based on the system's most recent valuation assumptions
- Members who leave employment or default on payments have 30 days to pay the remaining balance in full; failure to do so results in forfeiture of the related creditable service and a refund of payments made, though vested members retain pro rata credit for months fully paid
Legislative Description
Employees' Retirement System of Georgia; chairperson of the board of trustees; provision; change
Last Action
House Committee Favorably Reported By Substitute
3/7/2018
Full Bill Text
No bill text available