GA SB198

Authorizes the Georgia Legislative Retirement System board of trustees to increase benefit multipliers for members when the system's funded ratio is at or above 120 percent

Requires the board to provide benefit increases to maintain the system as close to 120 percent funded ratio as practicable, with any increase being at least $1.00 for creditable service

Extends eligibility for postretirement benefit adjustments to members who joined after July 1, 2009, who were previously excluded from such adjustments

Mandates automatic proportional increases to member contributions and presiding creditable service multipliers whenever the creditable service benefit multiplier is increased

Effective date of July 1, 2026, contingent on concurrent funding certification under the Public Retirement Systems Standards Law; automatically repeals if not funded