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GA SB47
Bill
Status
Engrossed
2/5/2020
Primary Sponsor
Ellis Black
Click for details
AI Summary
- Members of Georgia's Employees' Retirement System with at least two years of membership service may purchase up to 60 months of creditable service for active U.S. military duty performed on or after January 1, 1990, by paying the full actuarial cost
- Payment may be made as a one-time lump sum within 90 days of approval or through 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 credit for months fully paid on a pro rata basis
- Creditable service is excluded for members not honorably discharged, for reserve duty, for periods already counted as membership service, or for military service used toward any other state or federal retirement program (excluding Social Security)
- Effective date is July 1, 2020, contingent on concurrent funding as required by Georgia's Public Retirement Systems Standards Law; the Act is automatically repealed if not funded
Legislative Description
Retirement Benefits; creditable service for certain military service; provide
Last Action
House Committee Favorably Reported
2/26/2020
Full Bill Text
No bill text available