HB338: HB338 State Law Enforcement Officer Plan' or 'SLEO Plan'; enact

25 LC 56 0293 House Bill 338 By: Representatives Carson of the 46th, Hitchens of the 161st, Powell of the 33rd, Lumsden of the 12th, Momtahan of the 17th, and others A BILL TO BE ENTITLED AN ACT To amend Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the1 Employees' Retirement System of Georgia, so as to establish the State Law Enforcement2 Officer Plan to offer enhanced benefits for electing state law enforcement officers; to provide3 for irrevocable elections; to provide for conditions and limitations; to provide for deferred4 retirement option program accounts; to provide for definitions; to provide a short title; to5 provide for related matters; to provide conditions for an effective date and automatic repeal;6 to repeal conflicting laws; and for other purposes.7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:8 SECTION 1.9 Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees'10 Retirement System of Georgia, is amended in Code Section 47-2-1, relating to definitions,11 by revising paragraph (37) and by adding a new paragraph to read as follows:12 "(37) 'State law enforcement officer' means any sworn police of ficers certified by the13 Georgia Peace Officer Standards and Training Council employed to perform the duties14 of a peace officer, as such term is defined in Code Section 16-1-3, by the:15 (A) Department of Corrections;16 H. B. 338 - 1 - 25 LC 56 0293 (B) Department of Community Supervision;17 (C) Department of Behavioral Health and Developmental Disabilities;18 (D) Office of the Attorney General;19 (E) Georgia Board of Dentistry;20 (F) Georgia Composite Medical Board;21 (G) Department of Driver Services;22 (H) Department of Transportation;23 (I) Office of the Inspector General;24 (J) Prosecuting Attorneys' Council of the State of Georgia;25 (K) State Board of Workers' Compensation;26 (L) Department of Juvenile Justice;27 (M) State Board of Pardons and Paroles;28 (N) Georgia Public Safety Training Center;29 (O) Public Service Commission;30 (P) Georgia Bureau of Investigation;31 (Q) Department of Natural Resources;32 (R) Department of Agriculture;33 (S) Department of Revenue;34 (T) Georgia Drugs and Narcotics Agency;35 (U) State Forestry Commission;36 (V) Office of Insurance and Safety Fire Commissioner;37 (W) Georgia Ports Authority;38 (X) Georgia World Congress Center Police; and39 (Y) Department of Public Safety.40 (38) 'Within one year after discharge from the armed forces' means within one year after41 the termination of the member's active service in the military or naval forces of the42 United States and shall not include any military reserve or naval reserve service."43 H. B. 338 - 2 - 25 LC 56 0293 SECTION 2.44 Said chapter is further amended by adding a new article to read as follows:45 "ARTICLE 1146 47-2-400.47 This article shall be known and may be cited as the 'State Law Enforcement Officer Plan'48 or 'SLEO Plan.'49 47-2-401.50 (a) As used in this article, the term 'electing officer' means a state law enforcement officer51 who, on or after July 1, 2026, is a contributing member of this retirement system and makes52 an irrevocable election to participate in the SLEO Plan in lieu of any other retirement53 system, plan, or program established under this chapter.54 (b) Each eligible state law enforcement officer shall become an electing officer if he or she55 notifies the board of trustees in writing of such irrevocable e lection within 90 days of56 becoming a state law enforcement officer or July 1, 2026, whichever is later.57 (c) No person who did not make a valid election pursuant to subsection (b) of this Code58 section shall be eligible for the enhanced benefits plan provided for in this article.59 (d) In no event shall an electing officer be eligible to retire under this article at any point60 prior to July 1, 2031. If such an officer seeks to retire before July 1, 2031, he or she shall61 not be entitled to any of the enhanced benefits provided in this article, and the retirement62 system shall treat such officer as if he or she had not made the irrevocable election under63 this Code section.64 H. B. 338 - 3 - 25 LC 56 0293 47-2-402.65 Each electing officer shall be entitled to all of the same bene fits provided otherwise for66 similarly situated members of this retirement system, except that:67 (1) Each electing officer shall contribute 5 percent of his or her earnable compensation68 to the retirement system;69 (2) Each electing officer shall be eligible for retirement ben efits to be determined in70 accordance with the following schedule:71 (A) An electing officer shall receive a monthly retirement benefit equal to 10 percent72 of his or her average final compensation if he or she earns ten years of creditable73 service;74 (B) For each of the years of creditable service from year 11 t hrough year 15, an75 electing officer shall receive a monthly retirement benefit equal to 3 percent of his or76 her average final compensation;77 (C) For each of the years of creditable service from year 16 t hrough year 20, an78 electing officer shall receive a monthly retirement benefit equal to 5 percent of his or79 her average final compensation; and80 (D) For each of the years of creditable service from year 21 t hrough year 25, an81 electing officer shall receive a monthly retirement benefit equal to 6 percent of his or82 her average final compensation; and83 (3)(A) After an electing officer obtains 25 years of creditabl e service in the SLEO84 Plan, his or her contributions pursuant to paragraph (1) of this Code section shall cease,85 and such officer's retirement benefit amount shall be calculated based upon his or her86 average final compensation at such time.87 (B) On and after the date on which an electing officer's contributions cease pursuant88 to subparagraph (A) of this paragraph, if the officer does not elect to retire under the89 plan, his or her monthly retirement benefits shall be paid into such officer's DROP90 Account provided for in subsection (a) of Code Section 47-2-403 until he or she elects91 H. B. 338 - 4 - 25 LC 56 0293 to retire. Such monthly payments shall accrue any postretirement benefit adjustments92 granted to other members of this retirement system.93 47-2-403.94 (a) The board of trustees shall establish a Deferred Retirement Option Program (DROP)95 Account for each eligible electing officer to deposit such offi cer's monthly benefit96 payments. The amounts in each account shall earn interest at a market rate to be97 determined by the board of trustees.98 (b) Upon an electing officer's retirement, he or she shall be entitled to receive a lump sum,99 a partial lump sum, or an annuity payment from the funds in his or her DROP Account,100 including any interest therein. The board of trustees may also make available options to101 roll such funds into certain tax advantaged retirement accounts."102 SECTION 3.103 This Act shall become effective on July 1, 2026, only if it is determined to have been104 concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia105 Annotated, the "Public Retirement Systems Standards Law"; other wise, this Act shall not106 become effective and shall be automatically repealed in its ent irety on July 1, 2026, as107 required by subsection (a) of Code Section 47-20-50.108 SECTION 4.109 All laws and parts of laws in conflict with this Act are repealed.110 H. B. 338 - 5 -