GA SB261

Restructures the Board of Commissioners of the Magistrates Retirement Fund of Georgia effective July 1, 2026, reducing active chief magistrate members from five to four and adding one retired chief magistrate member

Increases member contribution rate from 3.42% to 4.0% of maximum average final monthly compensation

Lowers retirement eligibility age from 60 to 55 years, with benefits reduced by 0.25% per month for each month the retiree is under age 60

Increases the benefit multiplier from 4% to 5% of average final monthly compensation per year of service, and raises the maximum creditable service from 20 to 28 years

Replaces the statutory schedule of maximum monthly compensation (based on county population) with a maximum amount to be determined by the board based on actuarial recommendations