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GA SB477
Bill
Status
Introduced
2/8/2024
Primary Sponsor
Chuck Hufstetler
Click for details
AI Summary
- Creates the "Peach Save plan," a state-administered defined contribution retirement plan under a new Chapter 26 of Title 47, available voluntarily to private-sector employers with 100 or fewer employees and to self-employed individuals, with contributions made through payroll deductions
- Establishes a seven-member board of trustees — including the state auditor, state treasurer, and commissioner of administrative services as ex officio members, plus four appointed or elected members — to administer the plan as ERISA fiduciaries
- Requires the plan to offer pre-tax or Roth 401(k) contributions, voluntary employer contributions, a default diversified target date fund, a principal-protected option, and at least four additional investment alternatives, with participant account balances 100% vested and nonforfeitable at all times
- Creates the Peach Save expense fund to cover administrative costs, funded by legislative appropriations, fees, grants, and plan revenues, and authorizes the board to borrow working capital until the plan becomes financially self-sustaining
- Requires the board to establish the plan so individuals can begin contributing on or before September 1, 2025, and shields employers, the state, and board members from liability for investment decisions, returns, or losses
Legislative Description
Retirement and Pensions; creation of the Peach Save plan, a defined contribution retirement plan; provide
Last Action
Senate Read and Referred
2/9/2024
Committee Referrals
Retirement2/9/2024
Full Bill Text
No bill text available