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GA SB308
Bill
Status
Introduced
3/15/2023
Primary Sponsor
Marty Harbin
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AI Summary
- Increases the monthly retirement benefit for Georgia Legislative Retirement System members from $28.00 to $50.00 per year of creditable service, equalizing the rate for all members regardless of when they served
- Adds $200.00 per year of presiding creditable service (e.g., Speaker, President Pro Tem) to the general retirement benefit formula, applying it uniformly to all retirees
- Repeals the separate benefit formula (subsection c.1) that previously applied only to legislators who were contributing members on or after January 1, 2022, consolidating all members under a single benefit structure
- Extends the increased benefit amounts to both former legislators upon retirement and currently retired legislators already receiving benefits
- Effective date is July 1, 2024, contingent on concurrent funding as required by the Public Retirement Systems Standards Law; the Act is automatically repealed if not funded
Legislative Description
Georgia Legislative Retirement System; retirement benefit amounts payable to former legislators upon retirement and to currently retired legislators
Last Action
Senate Tabled
2/29/2024
Committee Referrals
Retirement3/16/2023
Full Bill Text
No bill text available