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GA HB263
Bill
Status
Passed
5/2/2022
Primary Sponsor
Mitchell Scoggins
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AI Summary
- Amends Code Section 47-11-71 to update how actuarial equivalents are calculated for optional survivor retirement benefits for judges of probate courts and employees of the board
- Replaces the outdated Group Annuity Table for 1951 with a 5½ percent interest rate with a current mortality table and interest rate adopted by the board for computing actuarial equivalents
- Allows judges or board employees to elect a monthly survivor benefit payable until the death of a designated survivor, in lieu of standard retirement benefits, with the amount based on the retiree's and survivor's ages at retirement
- Requires the designated survivor to have a familial relationship through blood, marriage, or adoption; married members must designate their spouse unless the spouse provides written agreement for another designee
- Effective date of July 1, 2022, contingent on concurrent funding as required by the "Public Retirement Systems Standards Law"; automatically repealed in its entirety on that date if funding requirements are not met
Legislative Description
Retirement; benefits for judges of probate courts; revise method through which certain actuarial equivalents are determined
Last Action
Effective Date 2022-07-01
5/2/2022
Committee Referrals
Retirement2/10/2022
Retirement2/3/2021
Full Bill Text
No bill text available