SB 198: Georgia Legislative Retirement System; board of trustees of the system to increase benefit multipliers for members; provide

Members of the General Assembly who retire get a monthly pension based on a 'benefit multiplier' applied to their years of service. Under current law, anyone who joined the retirement system after July 1, 2009 cannot get postretirement benefit increases. This bill creates an exception: if the system's funded ratio, meaning the value of its assets compared to what it owes retirees, is at or above 120 percent, the board of trustees can raise the multipliers, and that includes members who joined after 2009. Any increase the board approves cannot push the funded ratio below 120 percent, must follow specific rules about how different groups of retirees are treated equally, and must raise the multiplier by at least $1.00. Whenever the creditable-service multiplier goes up, the presiding-service multiplier and employee contributions automatically rise by a proportional amount. The bill only takes effect July 1, 2026 if state actuaries certify it is properly funded under Georgia's Public Retirement Systems Standards Law; otherwise it repeals itself automatically on that date.

• Allows the board of trustees of the Georgia Legislative Retirement System to increase benefit multipliers for retiring members, but only while the system's funded ratio stays at or above 120 percent.
• Extends eligibility for these benefit multiplier increases to members who joined the system on or after July 1, 2009, who currently cannot receive postretirement benefit adjustments.
• Requires that any multiplier increase for creditable service be matched by a proportional increase in the presiding creditable service multiplier and in member contributions.
• Adds legal definitions for 'benefit multiplier' and 'funded ratio' to the retirement system's code section.
• Sets rules requiring equal treatment between different groups of retirees when multipliers are increased, and requires increases of at least $1.00.
• Makes the entire Act contingent on certification of proper funding under Georgia's Public Retirement Systems Standards Law, with automatic repeal on July 1, 2026 if that certification does not happen.

Current and retired members of the Georgia General Assembly who participate in the Georgia Legislative Retirement System, especially those who joined on or after July 1, 2009 and are currently barred from postretirement benefit increases, as well as the system's board of trustees and its actuary.

Retired state legislators could see higher monthly pension payments if the retirement system remains well funded, and lawmakers who joined after 2009 would gain access to benefit increases they are currently denied. The system's financial health, tracked through the 120 percent funded ratio requirement, would directly control whether and when these increases happen.

• Section 1 adds definitions of 'benefit multiplier' (the dollar figure multiplied by years of service to calculate pensions) and 'funded ratio' (plan assets divided by liabilities) to O.C.G.A. § 47-6-1.
• Section 2 revises O.C.G.A. § 47-6-80(g) so the ban on postretirement benefit adjustments for post-2009 members applies except as newly allowed under the new Code Section 47-6-86.
• Section 3 creates new Code Section 47-6-86, letting the board raise benefit multipliers only while the funded ratio is at or above 120 percent, and requires the board to work toward keeping the ratio near that level.
• Section 3 also sets conditions on multiplier increases: they cannot drop the funded ratio below 120 percent, must treat different retiree groups equally in specified ways, and must raise the creditable service multiplier by at least $1.00.
• Section 3 requires that any creditable service multiplier increase come with a proportional increase in the presiding creditable service multiplier and in member contributions under O.C.G.A. § 47-6-60(a.1).
• Section 4 makes the Act effective July 1, 2026 only if it is certified as properly funded under Georgia's Public Retirement Systems Standards Law (O.C.G.A. Chapter 20 of Title 47), otherwise it automatically repeals on that date.

1. 2026-03-09House Second Readers (Cámara de Representantes)
2. 2026-03-06House First Readers (Cámara de Representantes)
3. 2026-03-04Senate Passed/Adopted (Senado)
4. 2026-03-04Senate Third Read (Senado)
5. 2026-02-19Senate Read Second Time (Senado)
6. 2026-02-18Senate Committee Favorably Reported (Senado)
7. 2025-02-20Senate Read and Referred (Senado)
8. 2025-02-19Senate Hopper (Senado)

• John Albers (R, SD-056)Patrocinador principal
• Kay Kirkpatrick (R, SD-032)
• Ricky Williams (R, SD-025)
• Carden Summers (R, SD-013)
• Bill Cowsert (R, SD-046)
• Ed Setzler (R, SD-037)
• Billy Hickman (R, SD-004)
• Max Burns (R, SD-023)
• Marty Harbin (R, SD-016)
• Mike Hodges (R, SD-003)
• Frank Ginn (R, SD-047)
• Larry Walker (R, SD-020)
• Shawn Still (R, SD-048)
• David Lucas (D, SD-026)
• Freddie Sims (D, SD-012)
• Gail Davenport (D, SD-017)
• Nan Orrock (D, SD-036)

1. AprobadaVotación: Senado4 de marzo de 2026

   45 a favor, 5 en contra (2 sin votar, 3 ausentes)

   Passage: Senate Vote #630

• legislative retirement
• pension benefits
• state employee benefits
• public retirement funding
• Georgia General Assembly