Georgia CommonsHB 924: 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
Introduced version, the latest LegiScan holds · Last action January 12, 2026 · Introduced
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
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 the Georgia Legislative Retirement System, so as to match the retirement benefit amounts payable to former legislators upon retirement and to currently retired legislators in retirement to those benefits which are payable upon retirement to legislators who were in office on or after January 1, 2022; to provide for related matters; to provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia Legislative Retirement System, is amended by revising Code Section 47-6-80, relating to eligibility and application for a retirement allowance, early retirement, monthly retirement allowance, amount of retirement allowance, compliance with federal tax laws, and increases in retirement allowance, as follows:
"47-6-80.
(a) Upon the written application to the board, any member of the system who (1) has attained age 65 and has completed eight or more years of creditable service or (2) has attained age 62 and has completed eight or more years of membership service shall be retired by the board on a retirement allowance and shall thereupon become a beneficiary of the system, provided that he or she is no longer in the service of the state, whether as a member of the General Assembly or otherwise. In lieu of eight years of service, a member may substitute four terms of office in the General Assembly.
(b) The effective date of retirement shall be the first day of the month in which the application is received by the board, but such effective date shall not, in any case, be earlier than the first day of the month following the final month of the applicant's employment. Applications for retirement shall not be accepted more than 90 days in advance of the effective date of retirement.
(c) Normal retirement age for a member with at least eight years of membership service shall be the date the member has reached 62 years of age. Normal retirement age for a member with less than eight years of membership service but with at least eight years of creditable service shall be the date the member has reached 65 years of age. Any member of the system who has completed eight or more years of membership service and who has attained age 60 may elect to retire prior to age 62, provided that, in such event, the member's retirement allowance shall be reduced by 5 percent for each year below age 62.
(c.1) In lieu of the monthly service retirement allowance provided in subsection (d) of this Code section, for any person who was a contributing member on January 1, 2022, or who first becomes a contributing member after January 1, 2022, upon retirement under subsection (a) of this Code section such member shall receive a monthly service retirement allowance equal to the sum of $50.00 for each year of such member's creditable service and an additional $200.00 for each year of such member's presiding creditable service. Any inactive or retired member who was not a contributing member on January 1, 2022, and who becomes a contributing member again after January 1, 2022, shall be eligible for the monthly service retirement allowance provided in this subsection for his or her membership service earned after January 1, 2022.
(d) Upon such retirement under subsection (a) of this Code section, the retired member shall receive a monthly service retirement allowance which shall be equal to $28.00 $50.00 multiplied by the number of years of the member's creditable service and an additional $200.00 for each year of such member's presiding creditable service.
(d.1) The board of trustees is authorized to provide for the payment of benefits to members or beneficiaries of the retirement system at a time and under circumstances not provided for in this chapter to the extent that such payment is required to maintain the retirement system as a qualified retirement plan for purposes of federal income tax laws and regulations.
(e) Any increase in benefits payable under the retirement system which becomes effective as a result of a change in the benefit formula provided for by subsection (d) of this Code section shall be applicable to beneficiaries of the system who are receiving benefits at the time the increase becomes effective.
(f) Subject to the terms and limitations of this Code section, the board of trustees is authorized to adopt from time to time a method or methods of providing for increases in the retirement allowance provided in subsection (d) of this Code section for persons theretofore or thereafter retiring under this article. Such method shall be based upon:
(1) The recommendation of the actuary of the board of trustees;
(2) The maintenance of the actuarial soundness of the fund in accordance with the standards provided in Code Section 47-20-10 or such higher standards as may be adopted by the board; and
(3) Such other factors as the board deems relevant;
provided, however, that any such increase shall be uniform and shall apply equally to all members of this retirement system.
(g) Notwithstanding any other provision of this Code section, no member who becomes a member of this retirement system on or after July 1, 2009, shall be entitled to receive any postretirement benefit adjustment."
SECTION 2.
This Act shall become effective on July 1, 2026, only if it is determined to have been concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not become effective and shall be automatically repealed in its entirety on July 1, 2026, as required by subsection (a) of Code Section 47-20-50.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.