Loading chat...
GA HB821
Bill
Status
Engrossed
3/12/2020
Primary Sponsor
Steven Sainz
Click for details
AI Summary
- Removes the blanket prohibition on postretirement benefit adjustments (cost-of-living increases) for members who joined on or after July 1, 2009, across three state retirement systems: the Employees' Retirement System of Georgia, the Georgia Legislative Retirement System, and the Georgia Judicial Retirement System
- Members who joined on or after July 1, 2009, remain ineligible for any postretirement benefit adjustments granted prior to July 1, 2020, but become eligible for adjustments granted on or after July 1, 2020
- Postretirement benefit adjustments must still be based on actuary recommendations, maintain actuarial soundness, and may require additional member contributions not exceeding one-fourth of 1 percent of monthly earnable compensation
- Amends Title 47 of the Official Code of Georgia Annotated across three code sections (47-2-29, 47-6-80, and 47-23-21) to apply consistent changes to all three affected retirement systems
- Sponsored by Representatives Buckner of the 137th and Greene of the 151st districts
Legislative Description
Retirement and pensions; granting postretirement benefit adjustments to certain individuals; provisions
Last Action
Senate Read and Referred
3/13/2020
Full Bill Text
No bill text available