Georgia CommonsHB 891: Georgia State Employees' Pension and Savings; increase the benefits payable for service after July 1, 2026
Versión Introduced, la más reciente que tiene LegiScan · Última acción: 4 de abril de 2025 · Introduced
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House Bill 891
By: Representatives Williams of the 148th, Hatchett of the 155th, Carson of the 46th, Meeks of the 178th, Rhodes of the 124th, and others
A BILL TO BE ENTITLED
AN ACT
To amend Article 10 of Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia State Employees' Pension and Savings Plan, so as to increase the benefits payable for service after July 1, 2026; to provide for an increase to employee contributions; 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.
Article 10 of Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia State Employees' Pension and Savings Plan, is amended by revising Code Section 47-2-352, relating to employee and employer contributions, as follows:
"47-2-352.
(a) Every member subject to this article shall contribute employee membership contributions in an amount equal to 1 1/4 percent of earnable compensation for service prior to July 1, 2026, and 3 percent of earnable compensation for service on or after July 1, 2026; provided, however, that the board of trustees is authorized to set the contribution rate at a level not less than 3 percent of earnable compensation nor more than 4 percent of earnable compensation for service on or after July 1, 2026, which shall be deducted by each employer from the earnable compensation of each member for each and every payroll period and paid monthly to the board of trustees. Such amount shall be credited to the individual accounts of the members in the annuity savings fund.
(b) From and after January 1, 2009, each employer shall pay monthly to the board of trustees, on behalf of each member subject to this article, the aggregate of employer and employee contributions required by this chapter. With respect to members subject to this article, no employer contributions shall be considered as accumulated contributions of the member and none shall be eligible for withdrawal by the member upon cessation of state service. Such amount shall be credited to the pension accumulation fund."
SECTION 2.
Said article is further amended by revising Code Section 47-2-353, relating to service retirement allowance, as follows:
"47-2-353.
Every member subject to this article shall, upon becoming eligible under the provisions of this chapter, be entitled to a service retirement allowance, which shall consist of:
(1) An annuity which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement; and
(2) A monthly pension which, together with the annuity, shall provide a total retirement allowance equal to the sum of 1 percent, or such future amount up to 2 percent to be set by the board of trustees in direct relation to any increased appropriations provided by the General Assembly expressly for such increase, of the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system, multiplied by the number for each of the member's years of creditable service earned before July 1, 2026, of the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system, and 1 1/2 percent for each of the member's years of creditable service earned on or after July 1, 2026, of the member's highest average monthly earnable compensation during a period of 24 consecutive calendar months while a member of the retirement system; provided, however, that for members employed on or after July 1, 2009, no salary increase by adjustment in compensation in any manner during the last 12 months, which increase is in excess of 5 percent, shall be included in such computation."
SECTION 3.
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 4.
All laws and parts of laws in conflict with this Act are repealed.