HB924: HB924 Legislative Retirement System; match benefit amounts payable to former and current retired legislators to benefits payable to legislators who were in office on or after January 1, 2022

25 LC 56 0421 House Bill 924 By: Representatives Franklin of the 160th, Parrish of the 158th, Stephens of the 164th, Burns of the 159th, and Smith of the 18th 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 match the retir ement benefit amounts2 payable to former legislators upon retirement and to currently retired legislators in retirement3 to those benefits which are payable upon retirement to legislators who were in office on or4 after January 1, 2022; to provide for related matters; to provide conditions for an effective5 date and automatic repeal; to repeal conflicting laws; and for other purposes.6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 Chapter 6 of Title 47 of the Official Code of Georgia Annotated , relating to the Georgia9 Legislative Retirement System, is amended by revising Code Sect ion 47-6-80, relating to10 eligibility and application for a retirement allowance, early retirement, monthly retirement11 allowance, amount of retirement allowance, compliance with federal tax laws, and increases12 in retirement allowance, as follows:13 "47-6-80.14 (a) Upon the written application to the board, any member of t he system who (1) has15 attained age 65 and has completed eight or more years of credit able service or (2) has16 H. B. 924 - 1 - 25 LC 56 0421 attained age 62 and has completed eight or more years of member ship service shall be17 retired by the board on a retirement allowance and shall thereupon become a beneficiary18 of the system, provided that he or she is no longer in the service of the state, whether as a19 member of the General Assembly or otherwise. In lieu of eight years of service, a member20 may substitute four terms of office in the General Assembly.21 ( b ) T h e e f f e c t i v e d a t e o f r e t i r e m e n t s h a l l b e t h e f i r s t d a y o f the month in which the22 application is received by the board, but such effective date shall not, in any case, be earlier23 than the first day of the month following the final month of th e applicant's employment. 24 Applications for retirement shall not be accepted more than 90 days in advance of the25 effective date of retirement.26 (c) Normal retirement age for a member with at least eight years of membership service27 shall be the date the member has reached 62 years of age. Norm al retirement age for a28 member with less than eight years of membership service but with at least eight years of29 creditable service shall be the date the member has reached 65 years of age. Any member30 of the system who has completed eight or more years of membership service and who has31 attained age 60 may elect to retire prior to age 62, provided t hat, in such event, the32 member's retirement allowance shall be reduced by 5 percent for each year below age 62.33 (c.1) In lieu of the monthly service retirement allowance provided in subsection (d) of this34 Code section, for any person who was a contributing member on January 1, 2022, or who35 first becomes a contributing member after January 1, 2022, upon retirement under36 subsection (a) of this Code section such member shall receive a monthly service retirement37 allowance equal to the sum of $50.00 for each year of such member's creditable service and38 an additional $200.00 for each year of such member's presiding creditable service. Any39 inactive or retired member who was not a contributing member on January 1, 2022, and40 who becomes a contributing member again after January 1, 2022, shall be eligible for the41 monthly service retirement allowance provided in this subsection for his or her membership42 service earned after January 1, 2022.43 H. B. 924 - 2 - 25 LC 56 0421 (d) Upon such retirement under subsection (a) of this Code sec tion, the retired member44 shall receive a monthly service retirement allowance which shall be equal to $28.00 $50.0045 multiplied by the number of years of the member's creditable se rvice and an additional46 $200.00 for each year of such member's presiding creditable service.47 (d.1) The board of trustees is authorized to provide for the payment of benefits to members48 or beneficiaries of the retirement system at a time and under circumstances not provided49 for in this chapter to the extent that such payment is required to maintain the retirement50 system as a qualified retirement plan for purposes of federal i ncome tax laws and51 regulations.52 (e) Any increase in benefits payable under the retirement system which becomes effective53 as a result of a change in the benefit formula provided for by subsection (d) of this Code54 section shall be applicable to beneficiaries of the system who are receiving benefits at the55 time the increase becomes effective.56 (f) Subject to the terms and limitations of this Code section, the board of trustees is57 authorized to adopt from time to time a method or methods of providing for increases in58 the retirement allowance provided in subsection (d) of this Cod e section for persons59 theretofore or thereafter retiring under this article. Such method shall be based upon:60 (1) The recommendation of the actuary of the board of trustees;61 (2) The maintenance of the actuarial soundness of the fund in accordance with the62 standards provided in Code Section 47-20-10 or such higher standards as may be adopted63 by the board; and64 (3) Such other factors as the board deems relevant; 65 provided, however, that any such increase shall be uniform and shall apply equally to all66 members of this retirement system.67 (g) Notwithstanding any other provision of this Code section, no member who becomes68 a member of this retirement system on or after July 1, 2009, shall be entitled to receive any69 postretirement benefit adjustment."70 H. B. 924 - 3 - 25 LC 56 0421 SECTION 2.71 This Act shall become effective on July 1, 2026, only if it is determined to have been72 concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia73 Annotated, the "Public Retirement Systems Standards Law"; other wise, this Act shall not74 become effective and shall be automatically repealed in its ent irety on July 1, 2026, as75 required by subsection (a) of Code Section 47-20-50.76 SECTION 3.77 All laws and parts of laws in conflict with this Act are repealed.78 H. B. 924 - 4 -