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GA SB105
Bill
Status
Passed
5/6/2024
Primary Sponsor
Larry Walker
Click for details
AI Summary
- Increases the minimum monthly retirement benefit multiplier in the Public School Employees Retirement System from $16.50 to $17.00 per year of creditable service
- Raises the minimum floor for retirement benefits (when funding is insufficient) from $14.75 to $17.00 per year of creditable service
- Removes a prior restriction that capped benefit increases at $15.00 per month for persons already retired, allowing the increased multiplier to apply to both current and future retirees
- Replaces the automatic pro rata reduction mechanism when appropriated funds are insufficient with a requirement that the board determine the allowable benefit increase based on actual funds appropriated by the General Assembly
- Effective date is July 1, 2024, contingent on a concurrent funding determination under the Public Retirement Systems Standards Law; automatically repealed if not funded
Legislative Description
Public School Employees Retirement System; the minimum and maximum allowable benefit multiplier for current and future retirees; revise
Last Action
Act 606
5/6/2024
Committee Referrals
Retirement2/1/2024
Retirement2/8/2023
Full Bill Text
No bill text available