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GA SB262
Bill
Status
Engrossed
2/5/2020
Primary Sponsor
Ed Harbison
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AI Summary
- Amends the Employees' Retirement System of Georgia (Code Section 47-2-121) to allow members electing Options Two, Three, or Four with retirement payments beginning on or after January 1, 2021, to have their retirement allowance increased to the maximum amount if all designated beneficiaries predecease them, with the option to reelect the same option within one year of that occurrence
- Expands beneficiary designations under Options Two, Three, and Four from a single "person" to "one or more living individuals"
- Closes Option Five (which provided a benefit increase upon death of a spouse or dependent child beneficiary) to new elections on and after January 1, 2021, as its protections are incorporated into the revised Options Two, Three, and Four
- Limits the applicability of provisions for members predeceased by a designated dependent child (subsection e.3) to members who retired prior to January 1, 2021, rather than extending it to future retirees
- Effective date is July 1, 2020, contingent on a determination of concurrent funding under the Public Retirement Systems Standards Law; otherwise the Act is automatically repealed in its entirety on that date
Legislative Description
Employees' Retirement System of Georgia; eligibility of beneficiary to make new retirement election; provide
Last Action
House Committee Favorably Reported
2/26/2020
Full Bill Text
No bill text available