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GA SB117
Bill
Status
Engrossed
3/4/2019
Primary Sponsor
Ellis Black
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AI Summary
- After July 1, 2019, prohibits the passage of any law, rule, regulation, resolution, or ordinance that allows creditable service in any public retirement system without requiring the individual to pay the full actuarial cost of that creditable service
- Existing laws allowing creditable service at less than full actuarial cost may only be amended in ways that do not increase the actuarial cost to the retirement system
- Exempts service credit that a member accrued while actively contributing to the retirement system
- Authorizes retirement system administrators to adopt optional payment plans allowing members to pay for creditable service either as a lump sum within 90 days or through equal monthly payroll deductions over 12, 24, 36, 48, 60, or 120 months
- Members who separate from employment or default on payments have 30 days to pay the remaining balance; failure to pay 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
Public Retirement Systems Standards Law; that does not require an individual to pay the full actuarial cost of obtaining such creditable service; prohibit passage of any law
Last Action
Senate Agreed House Amend or Sub As Amended
2/3/2020
Full Bill Text
No bill text available