HB895: HB895 Legislative Retirement System; increase retirement benefit amounts payable to certain legislators upon retirement

25 LC 56 0408 House Bill 895 By: Representative Stinson of the 150th A BILL TO BE ENTITLED AN ACT To amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the1 Georgia Legislative Retirement System, so as to increase the re tirement benefit amounts2 payable to certain legislators upon retirement; to provide for related matters; to provide3 conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other4 purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Chapter 6 of Title 47 of the Official Code of Georgia Annotated , relating to the Georgia8 Legislative Retirement System, is amended in Code Section 47-6-80, relating to eligibility9 and application for a retirement allowance, early retirement, monthly retirement allowance,10 amount of retirement allowance, compliance with federal tax law s, and increases in11 retirement allowance, by revising subsection (c.1) and by adding a new subsection to read12 as follows:13 "(c.1) In lieu of the monthly service retirement allowance prov ided in subsection (c.2)14 or (d) of this Code section, for any person who was a contributing member on January 1,15 2022, or who first becomes a contributing member after January 1, 2022, upon retirement16 H. B. 895 - 1 - 25 LC 56 0408 under subsection (a) of this Code section such member shall rec eive a monthly service17 retirement allowance equal to the sum of $50.00 for each year of such member's creditable18 service and an additional $200.00 for each year of such member' s presiding creditable19 service. Any inactive or retired member who was not a contributing member on January 1,20 2022, and who becomes a contributing member again after January 1, 2022, shall be21 eligible for the monthly service retirement allowance provided in this subsection for his or22 her membership service earned after January 1, 2022.23 (c.2) In lieu of the monthly service retirement allowance provided in subsection (c.1) or (d)24 of this Code section, for any person who was a contributing member on January 1, 2026,25 or who first becomes a contributing member after January 1, 2026, upon retirement under26 subsection (a) of this Code section such member shall receive a monthly service retirement27 allowance equal to the sum of $75.00 for each year of such member's creditable service and28 an additional $300.00 for each year of such member's presiding creditable service. Any29 inactive or retired member who was not a contributing member on January 1, 2026, and30 who becomes a contributing member again after January 1, 2026, shall be eligible for the31 monthly service retirement allowance provided in this subsection for his or her membership32 service earned after January 1, 2026."33 SECTION 2.34 This Act shall become effective on July 1, 2026, only if it is determined to have been35 concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia36 Annotated, the "Public Retirement Systems Standards Law"; other wise, this Act shall not37 become effective and shall be automatically repealed in its ent irety on July 1, 2026, as38 required by subsection (a) of Code Section 47-20-50.39 SECTION 3.40 All laws and parts of laws in conflict with this Act are repealed.41 H. B. 895 - 2 -