GA SB584

Requires the state revenue commissioner to contract with the Board of Trustees of the Employees' Retirement System of Georgia to administer a deferred compensation plan for eligible county tax commissioners and tax collectors who receive minimum annual salaries and are not eligible to participate in any state retirement system.

The state shall provide a dollar-for-dollar matching contribution of up to 5 percent of an eligible commissioner's minimum annual salary, effective July 1, 2022, subject to federal contribution limits.

The deferred compensation plan must provide federal and state income tax benefits, exempting deferred contributions from withholding until the deferred payment date, and may include a qualified Roth contribution option under IRS Section 402A.

Eligible participants may make additional voluntary contributions beyond the state-matched amount, subject to federal law limits.

The Board of Trustees and the state revenue commissioner are authorized to impose requirements on county governing authorities for the withholding and remittance of contributions.