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GA HB824
Bill
Status
Passed
5/2/2022
Primary Sponsor
Wesley Cantrell
Click for details
AI Summary
- Defines "presiding creditable service" as creditable service earned while serving as the presiding officer of the Georgia House of Representatives
- Changes member contributions from 7.5% of monthly salary to a flat $165.00 per month effective July 1, 2022, with the House presiding officer required to contribute an additional $660.00 per month
- Eliminates the additional 1% of monthly salary contribution that had been required since July 1, 1986, effective June 30, 2022
- Establishes a new retirement allowance of $50.00 per year of creditable service plus an additional $200.00 per year of presiding creditable service for members who were contributing on or after January 1, 2022
- Effective date of July 1, 2022, is contingent on concurrent funding as required by the Public Retirement Systems Standards Law; otherwise the Act is automatically repealed in its entirety
Legislative Description
Georgia Legislative Retirement System; retirement allowance; increase
Last Action
Effective Date 2022-07-01
5/2/2022
Committee Referrals
Retirement3/16/2022
Retirement3/29/2021
Full Bill Text
No bill text available