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GA HB1212

Bill

Official Source

Status

Introduced

2/8/2024

Primary Sponsor

Lydia Glaize

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • Amends the Georgia State Employees' Pension and Savings Plan (Code Section 47-2-357) to add a new vesting service calculation for certain elected officials
  • Elected officials who serve a full four-year term of office may count all four years of that term as years of service for purposes of calculating vesting of employer matching contributions
  • Under the existing vesting schedule, employer contributions vest at 20% per year of service, reaching 100% at five years — meaning a full four-year term would vest an elected official at 80%
  • Effective immediately upon the Governor's approval or upon becoming law without such approval

Legislative Description

Georgia State Employees' Pension and Savings; calculation of years of vesting service for certain elected officials; provide

Last Action

House Second Readers

2/12/2024

Committee Referrals

Retirement2/9/2024

Full Bill Text

No bill text available