SB 261: Magistrates Retirement Fund; early retirement benefit; provide

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Discussed in meetings (18)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. Senate Retirement Committee, February 3, 2026

   From 0:51:59 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor presented a substitute that would raise magistrate retirement contributions from 3.42% to 4%, subject to a salary cap, and offer retirement at age 55 with a 3% benefit reduction. The sponsor also described changes to the benefit multiplier and compensation provisions without giving further details. The executive director of Retirement Funds of Georgia said the changes would provide flexibility as members age and would be paid for within the fund's existing structure, without state dollars. The director said the fund was more than 100% funded. The director explained that the substitute also would allow a retired member to serve on the board, which currently requires five active judges. The chair said the Department of Audits and Accounts report showed zero financial impact. No committee members asked questions, and the committee approved the substitute unanimously.

2. Senate Rules Committee, February 9, 2026

   From 0:06:41 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would change the magistrates' retirement fund board, increase membership dues, change the benefit multiplier, and allow earlier retirement. After initially mentioning age 65, the sponsor clarified in response to a member's questions that the bill would allow retirement at 55 rather than 60, with a 3% benefit reduction for each year before 60. The sponsor said retiring five years early would mean a 15% reduction. The sponsor also said the bill would use no state funds and had actuarial certification supporting the plan's financial stability. No vote was shown.

3. Senate Rules Committee, February 12, 2026

   From 0:06:39 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said SB 261 would let magistrate judges put away more retirement money at their own discretion and would not cost Georgia taxpayers anything. No substantive questions or vote followed.

4. Senate Rules Committee, February 19, 2026

   From 0:09:41 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said SB 261 would change the magistrates' retirement board membership and allow magistrates to contribute more to their own retirement plan. The sponsor said the changes would cost taxpayers nothing. No vote followed.

5. Senate Rules Committee, February 24, 2026

   From 0:08:06 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the magistrates' retirement bill would expand the fund's board and allow greater contributions without requiring state funds. No substantive questions or vote followed.

6. Senate Rules Committee, February 25, 2026

   From 0:22:30 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the magistrates' retirement bill would change the fund's board and allow members to contribute more, without using state tax dollars. When a committee member asked about the fund's financial position, the sponsor confirmed that it was funded at 150%. Asked about the board change, the sponsor repeated that the bill would change the board and permit additional contributions, and said a fiscal note showed no effect on investment. The bill was not selected for the floor calendar.

7. Senate Rules Committee, March 3, 2026

   From 0:11:42 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor discussed SB 261 as a magistrates’ retirement measure and answered a question raised at an earlier meeting about cost-of-living adjustments. The sponsor said the plan was 150% funded and that such adjustments required board approval and actuarial certification. Members later selected the bill for the calendar as part of the approved slate.

8. Senate floor session, March 4, 2026 (legislative day 27)

   From 5:51:19 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Third Read)

   Summary by Georgia Commons: The sponsor said SB 261 would change the magistrates’ retirement fund board, increase member dues and allow retirement at age 55 with a 3% benefit reduction for each year before the normal retirement age of 60. The sponsor said the fund was 150% funded, received no state appropriations and sought neither state money nor increased fees. The clerk described a committee substitute that also addressed the compensation amount used to calculate benefits. No questions or opposing speeches followed. The Senate adopted the substitute and passed it 53-1.

9. House Retirement Committee, March 24, 2026

   From 1:17:48 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: A Magistrates Retirement Fund representative presented the bill in the sponsor’s absence. The representative said the fund had about 200 members, approximately $56 million in assets and funding above 150% of its obligations. The representative said the proposal required no state appropriation or increased added fees and had support from the fund’s board and the Council of Magistrate Court Judges of Georgia. Proposed changes included adding a retired member to the board, raising member contributions from 3.42% to 4% of salary or the salary cap, increasing the benefit multiplier from 4% to 5%, and increasing the maximum credited service from 20 to 28 years. The representative said members supported the contribution increase and agreed to remove the early-retirement option. The chair said the longer service limit would benefit members who wanted to continue working beyond 20 years. Citing the financial review, the chair put current funding near 147% and said the existing proposal would leave it near 125% to 126%. The chair said a planned substitute would cost less, with updated financial information expected the next day. No substitute was adopted and no vote was taken.

10. House Retirement Committee, March 30, 2026

    From 0:41:25 · Watch on the General Assembly's Vimeo channel

    Summary by Georgia Commons: The presenter described a substitute changing the fund’s board from five active chief magistrates to four active chief magistrates and one retiree, raising membership dues from 3.42 to 4, increasing the annual benefit multiplier from 4% to 5%, and extending benefit-earning service from 20 to 28 years. The presenter said the fund had 200 members and $55 million, sought no state money or fee increase, and had certification that existing funds could support the changes. A witness representing the fund’s board said its existing $3 charge on civil filings financed the plan. The witness said the changes would let long-serving judges continue earning benefits and bring the accrual rate closer to probate judges’ benefits. A member questioned whether benefits could exceed working salaries. The witness explained that calculations use a salary chart from 20 years ago, making that unlikely; the member suggested updating the chart. The chair cited funding ratios of 147% before the substitute and 128% afterward. The committee approved the substitute unanimously, including members participating remotely.

11. House floor session, March 31, 2026 (legislative day 39, part 3)

    From 0:55:08 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 4143

    Summary by Georgia Commons: The sponsor said the committee substitute removes the Senate version’s early-retirement language and changes magistrate judges’ pensions. The sponsor said monthly member contributions would rise from 3.4% to 4% of salary, the benefit multiplier would rise from 4% to 5%, and the service cap would increase from 20 to 28 years. According to the sponsor, the plan’s funded level would fall from 148% to about 128.5%, without new tax revenue. The sponsor cited support from the Council of Magistrate Court Judges and the retirement fund. There were no questions. The House adopted the substitute and passed the bill, 167 to 0.

12. House Rules Committee, March 31, 2026

    From 0:24:18 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 4136

    Summary by Georgia Commons: The sponsor said the substitute would change the formula for calculating magistrate judges’ retirement allowances and allow members to contribute more, without requiring state money or additional funding. A committee member asked whether magistrates and the pension fund endorsed the bill, and the sponsor confirmed that they did. The member also asked about the fund’s funding level before and after the change. The sponsor said they believed it was 140% before and 126% afterward. Later, the committee placed the bill on the second supplemental calendar with no opposition voiced.

13. Senate floor session, April 2, 2026 (legislative day 40, part 1)

    From 7:53:28 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Agreed House Amend or Sub)

    Summary by Georgia Commons: The sponsor said SB 261 would change the Magistrates Retirement Fund's board composition from four magistrates to five, increase participant contributions from 3.4% to 4%, offer early retirement at 55 with a 3% reduction and change a benefit multiplier from 4% to 5%. The sponsor said the fund required no state money and was funded by magistrate judges. The sponsor reported funding levels of 140% before the changes and 128% afterward, describing both as fully funded. No questions or opposition followed. The Senate accepted the House substitute 53 to 0.

• Read aloud: Senate floor session, February 4, 2026 (legislative day 12), 0:26:23
• Read aloud: Senate floor session, February 5, 2026 (legislative day 13), 0:27:05
• Read aloud: House floor session, March 6, 2026 (legislative day 28, AM), 0:51:27
• Read aloud: House floor session, March 9, 2026 (legislative day 29), 1:09:14
• Read aloud: House floor session, March 31, 2026 (legislative day 39, part 1), 0:25:32

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