SB198: SB198 Georgia Legislative Retirement System; board of trustees of the system to increase benefit multipliers for members; provide

The Georgia Legislative Retirement System pays lawmakers a monthly retirement benefit based on a 'benefit multiplier' applied to their years of creditable service. Currently, members who joined the system on or after July 1, 2009 cannot receive postretirement benefit increases. This bill changes that by giving the system's board of trustees new authority to raise benefit multipliers for all qualifying members, including those who joined after 2009, but only under specific funding conditions. The board can only increase multipliers if doing so keeps the system's funded ratio (the value of its assets divided by its liabilities) at or above 120 percent. Any increase must apply fairly across groups of members and must raise the creditable-service multiplier by at least $1.00. Whenever the multiplier increases, member contributions and the presiding creditable service multiplier increase proportionally. The law would take effect July 1, 2026 only if a separate concurrent-funding review confirms it meets state pension funding standards; otherwise it is automatically repealed that same date.

• Authorizes the board of trustees of the Georgia Legislative Retirement System to increase benefit multipliers, the dollar amount multiplied by years of service to calculate a member's monthly pension.
• Repeals the current ban on postretirement benefit adjustments for members who joined the system on or after July 1, 2009, allowing them to receive future multiplier increases.
• Requires the board to keep the system's funded ratio (plan assets divided by liabilities) at or near 120 percent when granting any increase.
• Ties any increase in the creditable service multiplier to an automatic, proportional increase in member contributions and the presiding creditable service multiplier.
• Adds legal definitions for 'benefit multiplier' and 'funded ratio' to the retirement system's code section on definitions.
• Makes the entire Act's effectiveness conditional on a concurrent state funding review, with automatic repeal on July 1, 2026 if that review fails.

Current and future members of the Georgia Legislative Retirement System, meaning state legislators who participate in this pension plan, including those who joined on or after 2009 who were previously barred from benefit increases, and the system's board of trustees, who gain new authority and duties.

If enacted and funding conditions are met, legislators in the retirement system could see higher monthly pensions over time, funded by a plan that must stay well-funded (120 percent) and by matching increases in their own contributions, rather than by drawing down the system's reserves.

• Section 1 adds definitions of 'benefit multiplier' and 'funded ratio' to O.C.G.A. § 47-6-1.
• Section 2 repeals the old subsection (f) and revises subsection (g) of O.C.G.A. § 47-6-80 so the post-2009 ban on benefit adjustments now has an exception for the new Code Section 47-6-86.
• Section 3 creates new O.C.G.A. § 47-6-86, giving the board authority to raise benefit multipliers only while the funded ratio is below 120 percent does not apply, and requiring increases to keep the ratio near 120 percent.
• Section 3 sets rules for how increases must be applied evenly across member groups and requires any creditable service multiplier increase to be at least $1.00.
• Section 3 requires proportional increases in the presiding creditable service multiplier and member contributions whenever the creditable service multiplier rises.
• Section 4 makes the Act effective July 1, 2026 only if a concurrent funding determination under the Public Retirement Systems Standards Law (O.C.G.A. Chapter 20 of Title 47) confirms compliance, otherwise it is automatically repealed that date.

1. 2026-03-09House Second Readers (House)
2. 2026-03-06House First Readers (House)
3. 2026-03-04Senate Passed/Adopted (Senate)
4. 2026-03-04Senate Third Read (Senate)
5. 2026-02-19Senate Read Second Time (Senate)
6. 2026-02-18Senate Committee Favorably Reported (Senate)
7. 2025-02-20Senate Read and Referred (Senate)
8. 2025-02-19Senate Hopper (Senate)

• John Albers (R, SD-056)Primary sponsor
• Kay Kirkpatrick (R, SD-032)
• Ricky Williams (R, SD-025)
• Carden Summers (R, SD-013)
• Bill Cowsert (R, SD-046)
• Ed Setzler (R, SD-037)
• Billy Hickman (R, SD-004)
• Max Burns (R, SD-023)
• Marty Harbin (R, SD-016)
• Mike Hodges (R, SD-003)
• Frank Ginn (R, SD-047)
• Larry Walker (R, SD-020)
• Shawn Still (R, SD-048)
• David Lucas (D, SD-026)
• Freddie Sims (D, SD-012)
• Gail Davenport (D, SD-017)
• Nan Orrock (D, SD-036)

1. PassedSenate voteMarch 4, 2026

   45 yea, 5 nay (2 not voting, 3 absent)

   Passage: Senate Vote #630

• state pensions
• legislative retirement
• public employee benefits
• pension funding