SB143: SB143 Georgia Firefighter's Pension Fund; certain members to retire at age 50; provide

26 LC 56 0711S Senate Bill 143 By: Senators Albers of the 56th, Payne of the 54th, Kirkpatrick of the 32nd, Still of the 48th, Robertson of the 29th and others AS PASSED A BILL TO BE ENTITLED AN ACT To amend Article 6 of Chapter 7 of Title 47 of the Official Cod e of Georgia Annotated,1 relating to retirement, retirement allowances, disability benefits, and death benefits relative2 to the Georgia Firefighter's Pension Fund, so as to provide for certain members to continue3 working while receiving retirement benefits; to provide for certain members who have retired4 and reentered employment to accrue creditable service without a seven-year minimum; to5 amend Chapter 23 of Title 47 of the Official Code of Georgia An notated, relating to the6 Georgia Judicial Retirement System, so as to provide for membership in the system for each7 judge employed full time in the Georgia Tax Court; to provide f or creditable service; to8 provide for transfer of funds; to provide for transfer of membership service; to provide for9 payments of full actuarial costs; to provide for all other individuals employed by the court;10 to provide for earnable monthly compensation for purposes of co ntributions and benefit11 amounts; to provide conforming changes; to provide for related matters; to provide12 conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other13 purposes.14 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:15 S. B. 143 - 1 - 26 LC 56 0711S SECTION 1.16 Article 6 of Chapter 7 of Title 47 of the Official Code of Geor gia Annotated, relating to17 retirement, retirement allowances, disability benefits, and dea th benefits relative to the18 Georgia Firefighter's Pension Fund, is amended in Code Section 47-7-100, relating to19 eligibility for full pension benefits, eligibility for partial benefits, optional pension benefits,20 vesting of rights to pension benefits, and early retirement pro visions, by revising21 subsections (b) through (f) as follows:22 "(b)(1) Any eligible member who has attained the age of 55 year s and who terminates23 service as a firefighter or volunteer firefighter after at leas t 25 years of service, upon24 application to and approval by the board, shall have a vested right in an amount equal to25 the maximum monthly retirement benefit in effect on the date the board approves such26 application. Such benefits shall commence on the date of the m ember's termination of27 service. Such benefits shall commence on the date of approval by the board. It shall not28 be a requirement that a retired member terminate his or her emp loyment or volunteer29 service to receive retirement benefits under this paragraph. A member who retires under30 this paragraph and who chooses to remain employed or continue h is or her volunteer31 service while receiving retirement benefits shall not pay month ly dues nor shall such32 member be eligible to earn or buy additional creditable service.33 (2) Any eligible member who terminates service as a firefighter or volunteer firefighter34 after 25 years of service, but before reaching the age of 55 ye ars, may, upon filing an35 application with application to and approval by the board, cease payment of such36 member's monthly dues following such termination of service and, upon reaching the age37 of 55 years and being otherwise eligible, shall be paid a month ly benefit equal to the38 maximum monthly retirement benefit in effect on the date such member attains the age39 of 55 years.40 (3) Any eligible member who terminates service after at least 15 years of service, upon41 application to and approval by the board, shall be eligible for a monthly benefit equal to42 S. B. 143 - 2 - 26 LC 56 0711S such member's vested monthly benefit pursuant to subsection (c) of this Code section in43 effect on the date of such termination of service, subject to t he provisions of44 subsection (f) of this Code section. Such benefits shall becom e payable when the45 member reaches 55 years of age or when such member terminates his or her employment,46 whichever is later.47 (c) Any eligible member who accrues at least 25 years of creditable service shall have a48 vested right in and to a monthly benefit equal to the maximum monthly retirement benefit49 in effect on the applicable date provided for in subsection (b) of this Code section. Any50 eligible member who terminates service as a firefighter or volunteer firefighter after at least51 15 years of service, upon application to and approval by the board, accrues at least 15 years52 of creditable service shall have a vested right in and to a monthly benefit payable for the53 member's lifetime equal to a pro rata amount of the maximum monthly retirement benefit54 provided in subsection (b) of this Code section in effect on the applicable date of such55 termination of service provided for in subsection (b) of this Code section, which amount56 shall be determined by the ratio of years served, being not less than 15 nor more than 25,57 to the full 25 year service retirement. Such benefits shall be come payable when the58 member reaches 55 years of age or when he or she terminates employment as a firefighter59 or volunteer firefighter, whichever is later.60 (d) At any time prior to approval by the board of an application for retirement, a member61 may elect or may revoke a previous election and make a new elec tion to have monthly62 benefits payable under one of the options set forth in this subsection, in lieu of the benefits63 payable under subsection (b) or (c) of this Code section. The benefits shall be paid in64 accordance with the terms of the option elected. Election of any option shall be made by65 the member on forms provided by the board and shall be subject to approval by the board,66 which approval shall not be unreasonably withheld. No optional election is available for67 payment of disability benefits.68 S. B. 143 - 3 - 26 LC 56 0711S (1) Option A, the joint and survivor option, shall consist of a decreased retirement69 benefit which shall be payable during the joint lifetime of bot h the member and the70 member's spouse and which shall continue after the death of the member during the71 lifetime of the spouse in the amount chosen by the member, which amount shall be 10072 percent, 75 percent, 66 2/3 percent, or 50 percent of the member's benefits. Any member73 who has completed 15 years of creditable service may elect that , in the event of the74 member's death prior to receiving any retirement benefits under this chapter, the75 member's spouse shall receive decreased retirement benefits in the amount elected by the76 member, which amount shall be 100 percent, 75 percent, 66 2/3 percent, or 50 percent of77 the benefits to which the member would have been entitled based upon the member's78 creditable service as of the time of the member's death. The decreased retirement benefits79 payable to the spouse of a member who dies prior to receiving a ny retirement benefits80 under this chapter shall commence on the date the member would have become 55 years81 of age and shall not be payable unless, prior to the member's d eath, the member had82 elected such benefits in the form and manner prescribed by the board and had filed such83 election with the board.84 (2) Option B, the ten years' certain and life option, shall consist of a decreased retirement85 benefit payable to the member during the member's lifetime; and , in the event of the86 member's death within ten years after the member's retirement, the same monthly benefits87 shall be payable to the member's selected beneficiary, or, if t he member so elects, the88 total monthly benefit may be divided equally among up to five selected beneficiaries, for89 the balance of such ten-year period.90 (3) If a member selects Option A, then, after the approval of the application for91 retirement, the following provisions apply:92 (A) If the member's spouse shall predecease the member, the member may, in writing93 on forms prescribed by the board and subject to approval by the board, revoke Option94 A and thereafter receive during the member's lifetime a monthly retirement benefit95 S. B. 143 - 4 - 26 LC 56 0711S commencing on the date on which the board approves such revocation, but not for any96 period prior to such approval, equal to the maximum monthly benefit which would have97 been payable to him had such option not been exercised;98 (B) If there is entered a final judgment of complete divorce between the member and99 the member's spouse, the member may, in writing on forms prescribed by the board and100 subject to approval by the board, revoke Option A and thereafte r receive during the101 member's lifetime a monthly retirement benefit commencing on the date on which the102 board approves such revocation, but not for any period prior to such approval, equal to103 the maximum monthly benefit which would have been payable had s uch option not104 been exercised; and105 (C) If, following the death of the member's spouse or the entry of a final judgment of106 divorce between the member and the member's spouse, the member remarries, the107 member may, in writing on forms prescribed by the board and subject to approval by108 the board, elect Option A with respect to the member's new spou se. The joint and109 survivor benefit shall be determined as of the date of the election.110 (4) The amount of any optional retirement benefit set forth in this subsection shall be the111 actuarial equivalent of the amount of the benefit that would otherwise be payable to the112 member under subsection (b) or (c) of this Code section based upon the interest rate and113 mortality basis approved from time to time by the board, the age of the member, and, if114 applicable, the age of his spouse as of the date benefits are to commence or as of the date115 benefits would have commenced if the member had retired after first becoming eligible116 for full benefits, whichever is earlier, but the optional benefits available under Option A117 shall be calculated without regard to the provisions of paragraph (3) of this subsection.118 (e)(1) Any eligible member who retires after July 1, 1984, shall be entitled to an increase119 in the maximum monthly retirement benefit in effect at the time of his or her retirement120 under this Code section equal to 1 percent of the monthly retirement benefit for which the121 member would have been otherwise eligible for each full year of creditable service while122 S. B. 143 - 5 - 26 LC 56 0711S a member of the fund as a firefighter or volunteer firefighter in excess of 25 years of123 creditable service.124 (2) Any eligible member who retires after July 1, 2002, shall be entitled to an increase125 in the maximum monthly retirement benefit in effect at the time of his or her retirement126 under this Code section equal to 2 percent of the monthly retirement benefit for which the127 member would have been otherwise eligible for each full year of creditable service while128 a member of the fund as a firefighter or volunteer firefighter in excess of 25 years of129 creditable service. Such increase shall be the total increase allowed by this subsection.130 (f) Any eligible member who would be entitled to the commencem ent of retirement131 benefits upon reaching age 55 under subsection (b) or (c) of this Code section may elect132 to retire receive such benefit after reaching the age of 50 but before reaching the age of 55,133 and immediately commence the drawing of retirement benefits and in that such event the134 member shall be eligible immediately upon retirement for a reduced monthly pension135 benefit in an amount determined by multiplying the benefit for which the member would136 have been otherwise entitled under subsections (b), (c), and (e) of this Code section had the137 member delayed retirement or the commencement of benefits until the member reached age138 55, such benefit to be determined as of the date of the member's actual retirement or first139 receipt of the monthly retirement benefit by the factor set forth below:140 If the Member's Age At Retirement141 (determined by the member's age at the142 member's immediately preceding143 birthday) Is:144 The Early Retirement Factor Is: 50145 .70 51146 .76 52147 .82 53148 .88 54149 .94 S. B. 143 - 6 - 26 LC 56 0711S The option available under this subsection may also be exercise d by a surviving spouse150 who is the beneficiary of an Option A election with respect to the benefits payable to the151 spouse in the event the member dies prior to receiving any benefits and would have been152 able to exercise the option available under this subsection."153 SECTION 2.154 Said article is further amended in Code Section 47-7-101, relating to eligibility for retirement155 benefits, withdrawal of application for benefits before approva l, and reemployment, by156 revising subsection (b) as follows:157 "(b) Any person who again becomes a paid employee of a fire department or of a volunteer158 fire department after having been placed on retirement or disab ility under Code Section159 47-7-100 or 47-7-102 shall immediately notify the executive dir ector of such160 reemployment. Except as provided in paragraph (1) of subsectio n (b) of Code Section161 47-7-100, retirement Retirement benefits being paid to such person shall be suspended as162 of the date of such reemployment and shall remain suspended unt il such reemployment163 terminates at which time the payment of retirement benefits shall be resumed in the amount164 to which the person was eligible at the time of reemployment. A retired member who has165 retired under paragraph (2) or (3) of subsection (b) of Code Section 47-7-100, may choose166 to pay monthly dues and earn creditable service during the peri od of reemployment. 167 Disability benefits being paid to any such person shall be terminated as of the date of such168 reemployment. Within six months of the commencement of reemplo yment, any such169 person who at the time of application otherwise meets the requi rements for membership170 may, by application in the manner provided by this chapter, become a member of the fund. 171 In the event the application is granted, such member, upon meet ing the requirements172 provided by law, shall be entitled to all benefits provided for in Code Section 47-7-100, but173 the amount of monthly retirement or disability benefits payable to such member shall not174 exceed the amount of the monthly benefit which would be payable to such member had175 S. B. 143 - 7 - 26 LC 56 0711S such subsequent retirement become effective at the time of the member's prior retirement,176 unless after such reemployment the member shall have acquired not less than seven years'177 creditable service as a member of the fund."178 SECTION 3.179 Chapter 23 of Title 47 of the Official Code of Georgia Annotate d, relating to the Georgia180 Judicial Retirement System, is amended by adding a new Code section to read as follows:181 "47-23-51.182 (a) On and after July 1, 2026, each individual employed full time as a judge in the Georgia183 Tax Court established by Article VI, Section I, Paragraph I of the Georgia Constitution184 shall become a member of this retirement system.185 (b) Each individual who becomes a member of this retirement sy stem pursuant to this186 Code section shall be eligible to transfer his or her creditable service from the Employees'187 Retirement System of Georgia to this retirement system, provided that he or she notifies188 the board of such election within one year of obtaining such membership and pays to the189 retirement system the remaining amount necessary to pay for the full actuarial cost to the190 retirement system associated with his or her transfer of servic e. Upon such election and191 payment, the Employees' Retirement System of Georgia shall tran sfer to this retirement192 system all employer and employee contributions paid by or on behalf of him or her together193 with regular interest thereon, and he or she shall receive service in this retirement system194 toward vesting only in the full amount of the service he or she rendered as an employee195 while he or she was a member of the Employees' Retirement Syste m of Georgia and for196 which credit was allowable in such system.197 (c) An individual who becomes a member of this retirement system pursuant to this Code198 section shall be subject to all provisions of this chapter applicable to solicitors-general of199 the state courts, except as otherwise specifically provided by this chapter. For the purposes200 of this retirement system, for each such member, his or her earnable monthly compensation201 S. B. 143 - 8 - 26 LC 56 0711S shall be the full rate of regular monthly compensation paid fro m state funds to such202 member employee for his or her full working time.203 (d) All other individuals employed by the Georgia Tax Court es tablished pursuant to204 Article VI, Section I, Paragraph I of the Georgia Constitution shall be treated in accordance205 with the provisions of Code Section 47-2-70.1 for new state agencies."206 SECTION 4.207 Said chapter is further amended in subsection (a) of Code Secti on 47-23-100, relating to208 salary defined, by striking "and" at the end of paragraph (5), replacing the period with "; and"209 at the end of paragraph (6), and adding a new paragraph to read as follows:210 "(7) For any person who is a member of the retirement system pu rsuant to Code211 Section 47-23-51, his or her average earnable monthly compensation."212 SECTION 5.213 This Act shall become effective on July 1, 2026, only if it is determined to have been214 concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia215 Annotated, the "Public Retirement Systems Standards Law"; other wise, this Act shall not216 become effective and shall be automatically repealed in its ent irety on July 1, 2026, as217 required by subsection (a) of Code Section 47-20-50.218 SECTION 6.219 All laws and parts of laws in conflict with this Act are repealed.220 S. 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