23 LC 43 2853
H. B. 829
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House Bill 829
By: Representatives Houston of the 170
th
, DeLoach of the 167
th
, Greene of the 154
th
, Oliver
of the 82
nd
, Stephens of the 164
th
, and others
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the
1
Georgia Legislative Retirement System, so as to match the retirement benefit amounts2
payable to former legislators upon retirement and to currently retired legislators in retirement3
to those benefits which are payable upon retirement to legislators who are in office on or4
after January 1, 2022; to provide for related matters; to provide conditions for an effective5
date and automatic repeal; to repeal conflicting laws; and for other purposes.6
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7
SECTION 1.8
Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia9
Legislative Retirement System, is amended by revising Code Section 47-6-80, relating to10
eligibility and application for a retirement allowance, early retirement, monthly retirement11
allowance, amount of retirement allowance, compliance with federal tax laws, and increases12
in retirement allowance, as follows:13
"47-6-80.14
(a) Upon the written application to the board, any member of the system who (1) has15
attained age 65 and has completed eight or more years of creditable service or (2) has16 23 LC 43 2853
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attained age 62 and has completed eight or more years of membership service shall be
17
retired by the board on a retirement allowance and shall thereupon become a beneficiary18
of the system, provided that he or she
is no longer in the service of the state, whether as a19
member of the General Assembly or otherwise. In lieu of eight years of service, a member20
may substitute four terms of office in the General Assembly.21
(b) The effective date of retirement shall be the first day of the month in which the22
application is received by the board, but such effective date shall not, in any case, be earlier23
than the first day of the month following the final month of the applicant's employment.24
Applications for retirement shall not be accepted more than 90 days in advance of the25
effective date of retirement.26
(c) Normal retirement age for a member with at least eight years of membership service27
shall be the date the member has reached 62 years of age. Normal retirement age for a28
member with less than eight years of membership service but with at least eight years of29
creditable service shall be the date the member has reached 65 years of age. Any member30
of the system who has completed eight or more years of membership service and who has31
attained age 60 may elect to retire prior to age 62, provided that in such event, the32
member's retirement allowance shall be reduced by 5 percent for each year below age 62.33
(c.1) In lieu of the monthly service retirement allowance provided in subsection (d) of this34
Code section, for any person who was a contributing member on January 1, 2022, or who35
first becomes a contributing member after January 1, 2022, upon retirement under36
subsection (a) of this Code section such member shall receive a monthly service retirement37
allowance equal to the sum of $50.00 for each year of such member's creditable service and38
an additional $200.00 for each year of such member's presiding creditable service. Any39
inactive or retired member who was not a contributing member on January 1, 2022, and40
who becomes a contributing member again after January 1, 2022, shall be eligible for the41
monthly service retirement allowance provided in this subsection for his or her membership42
service earned after January 1, 2022.43 23 LC 43 2853
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(d) Upon such retirement under subsection (a) of this Code section, the retired member
44
shall receive a monthly service retirement allowance which shall be equal to $28.00
$50.0045
multiplied by the number of years of the member's creditable service and an additional46
$200.00 for each year of such member's presiding creditable service.47
(d.1) The board of trustees is authorized to provide for the payment of benefits to members48
or beneficiaries of the retirement system at a time and under circumstances not provided49
for in this chapter to the extent that such payment is required to maintain the retirement50
system as a qualified retirement plan for purposes of federal income tax laws and51
regulations.52
(e) Any increase in benefits payable under the retirement system which becomes effective53
as a result of a change in the benefit formula provided for by subsection (d) of this Code54
section shall be applicable to beneficiaries of the system who are receiving benefits at the55
time the increase becomes effective.56
(f) Subject to the terms and limitations of this Code section, the board of trustees is57
authorized to adopt from time to time a method or methods of providing for increases in58
the retirement allowance provided in subsection (d) of this Code section for persons59
theretofore or thereafter retiring under this article. Such method shall be based upon:60
(1) The recommendation of the actuary of the board of trustees;61
(2) The maintenance of the actuarial soundness of the fund in accordance with the62
standards provided in Code Section 47-20-10 or such higher standards as may be adopted63
by the board; and64
(3) Such other factors as the board deems relevant; 65
provided, however, that any such increase shall be uniform and shall apply equally to all66
members of this retirement system.67
(g) Notwithstanding any other provision of this Code section, no member who becomes68
a member of this retirement system on or after July 1, 2009, shall be entitled to receive any69
postretirement benefit adjustment."70 23 LC 43 2853
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SECTION 2.
71
This Act shall become effective on July 1, 2024, only if it is determined to have been72
concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia73
Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not74
become effective and shall be automatically repealed in its entirety on July 1, 2024, as75
required by subsection (a) of Code Section 47-20-50.76
SECTION 3.77
All laws and parts of laws in conflict with this Act are repealed.78