Senate Bill 339
By: Senators Orrock of the 36th, Hufstetler of the 52nd, Watson of the 11th, Dixon of the
45th, Hickman of the 4th and others
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the
Employees' Retirement System of Georgia, so as to provide for semiannual postretirement
benefit adjustments for all beneficiaries of the Employees' Retirement System of Georgia;
to provide for conditions, limitations, and suspensions; 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 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees'
Retirement System of Georgia, is amended revising Code Section 47-2-29, relating to
postretirement benefit adjustments, as follows:
"47-2-29.
(a) On a date to be established by the board of trustees, but not before April 1, 1967, the
board of trustees is authorized to adopt a method of providing for postretirement benefit
adjustments for the purpose of maintaining essentially no less purchasing power for a
beneficiary in his <ins>or her</ins> postretirement years. Such method shall be based upon:
(1) Recommendation of the actuary for the board of trustees;
(2) Maintaining the actuarial soundness of the retirement system;
(3) Its application to the retirement income of members retiring on or after the adoption
of such method by the board of trustees; and
(4) Any additional contribution by the member in an amount not to exceed one-fourth
of 1 percent of his <ins>or her</ins> monthly earnable compensation.
This Code section shall also be applicable to those members retiring before April 1, 1967.
(b) 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 <ins>granted prior to July 1, 2026, but shall be eligible for
postretirement benefit adjustments granted on or after July 1, 2026.
(c)(1) Except as provided otherwise in this subsection, on July 1, 2026, and every six
months thereafter, each beneficiary shall receive a postretirement benefit adjustment that
increases his or her retirement allowance by 1.5 percent.
(2) If the revenue collected in the most recently completed fiscal year decreased
by 3 percent or more below the revenue estimate for such fiscal year or if the state
experiences a decline in revenue collected for three consecutive months during the
current fiscal year, the Governor may by executive order suspend, in whole or in part, the
next two postretirement benefit adjustments otherwise provided for by paragraph (1) of
this subsection; provided, however, that such an executive order may not be issued in
more than two consecutive calendar years or more than three times in any period of ten
consecutive calendar years.
(3) Each executive order issued pursuant to paragraph (2) of this subsection shall be
subject to revocation, revision, or extension by the General Assembly through the
adoption of a joint resolution within one calendar year from the date of issuance of such
executive order."
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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.