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GA SB26
Bill
Status
Passed
6/29/2020
Primary Sponsor
William Ligon
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AI Summary
- Members of the Employees' Retirement System of Georgia who previously participated in the Georgia Defined Contribution Plan may purchase creditable service in the retirement system for their prior Defined Contribution Plan service
- Eligible members must have at least 5 years of membership in the retirement system, authorize the transfer of all funds from their Defined Contribution Plan account, and pay the full actuarial cost of the creditable service after accounting for the transferred funds
- Members may pay the full amount as a lump sum within 90 days or elect equal monthly payroll deductions over 12, 24, 36, 48, 60, or 120 months; once a payment period is elected, it cannot be changed
- Members who leave employment or default on payments have 30 days to pay the remaining balance or forfeit the creditable service and receive a refund, though vested members retain pro rata credit for months fully paid
- Effective date is July 1, 2020, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; the Act is automatically repealed if not funded
Legislative Description
Employees' Retirement System of Georgia; prior service as a member of Georgia Defined Contribution Plan; creditable service; provide
Last Action
Effective Date
7/1/2020
Full Bill Text
No bill text available