| 1 | 1 | | 23 LC 43 2854 |
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| 2 | 2 | | H. B. 823 |
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| 3 | 3 | | - 1 - |
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| 4 | 4 | | House Bill 823 |
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| 5 | 5 | | By: Representative Bentley of the 150 |
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| 6 | 6 | | th |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | To amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the |
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| 11 | 11 | | 1 |
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| 12 | 12 | | Georgia Legislative Retirement System, so as to increase the retirement benefit amounts2 |
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| 13 | 13 | | payable to certain legislators upon retirement; to provide for related matters; to provide3 |
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| 14 | 14 | | conditions for an effective date and automatic repeal; to repeal conflicting laws; and for other4 |
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| 15 | 15 | | purposes.5 |
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| 16 | 16 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 17 | 17 | | SECTION 1.7 |
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| 18 | 18 | | Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia8 |
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| 19 | 19 | | Legislative Retirement System, is amended in Code Section 47-6-80, relating to eligibility9 |
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| 20 | 20 | | and application for a retirement allowance, early retirement, monthly retirement allowance,10 |
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| 21 | 21 | | amount of retirement allowance, compliance with federal tax laws, and increases in11 |
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| 22 | 22 | | retirement allowance, by revising subsection (c.1) and adding a new subsection to read as12 |
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| 23 | 23 | | follows:13 |
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| 24 | 24 | | "(c.1) In lieu of the monthly service retirement allowance provided in subsection (c.2) or |
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| 25 | 25 | | 14 |
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| 26 | 26 | | (d) of this Code section, for any person who was a contributing member on January 1,15 |
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| 27 | 27 | | 2022, or who first becomes a contributing member after January 1, 2022, upon retirement16 23 LC 43 2854 |
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| 28 | 28 | | H. B. 823 |
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| 29 | 29 | | - 2 - |
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| 30 | 30 | | under subsection (a) of this Code section such member shall receive a monthly service |
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| 31 | 31 | | 17 |
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| 32 | 32 | | retirement allowance equal to the sum of $50.00 for each year of such member's creditable18 |
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| 33 | 33 | | service and an additional $200.00 for each year of such member's presiding creditable19 |
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| 34 | 34 | | service. Any inactive or retired member who was not a contributing member on January20 |
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| 35 | 35 | | 1, 2022, and who becomes a contributing member again after January 1, 2022, shall be21 |
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| 36 | 36 | | eligible for the monthly service retirement allowance provided in this subsection for his or22 |
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| 37 | 37 | | her membership service earned after January 1, 2022.23 |
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| 38 | 38 | | (c.2) In lieu of the monthly service retirement allowance provided in subsection (c.1) or |
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| 39 | 39 | | 24 |
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| 40 | 40 | | (d) of this Code section, for any person who was a contributing member on January 1,25 |
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| 41 | 41 | | 2024, or who first becomes a contributing member after January 1, 2024, upon retirement26 |
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| 42 | 42 | | under subsection (a) of this Code section such member shall receive a monthly service27 |
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| 43 | 43 | | retirement allowance equal to the sum of $75.00 for each year of such member's creditable28 |
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| 44 | 44 | | service and an additional $200.00 for each year of such member's presiding creditable29 |
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| 45 | 45 | | service. Any inactive or retired member who was not a contributing member on January 1,30 |
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| 46 | 46 | | 2024, and who becomes a contributing member again after January 1, 2024, shall be31 |
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| 47 | 47 | | eligible for the monthly service retirement allowance provided in this subsection for his or32 |
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| 48 | 48 | | her membership service earned after January 1, 2024."33 |
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| 49 | 49 | | SECTION 2.34 |
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| 50 | 50 | | This Act shall become effective on July 1, 2024, only if it is determined to have been35 |
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| 51 | 51 | | concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia36 |
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| 52 | 52 | | Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not37 |
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| 53 | 53 | | become effective and shall be automatically repealed in its entirety on July 1, 2024, as38 |
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| 54 | 54 | | required by subsection (a) of Code Section 47-20-50.39 |
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| 55 | 55 | | SECTION 3.40 |
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| 56 | 56 | | All laws and parts of laws in conflict with this Act are repealed.41 |
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