23 LC 43 2600
S. B. 105
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Senate Bill 105
By: Senators Walker III of the 20th, Robertson of the 29th, Anavitarte of the 31st, Goodman
of the 8th, Anderson of the 24th and others
A BILL TO BE ENTITLED
AN ACT
To amend Code Section 47-4-101 of the Official Code of Georgia Annotated, relating to
1
retirement benefits payable upon normal, early, or delayed retirement in the Public School2
Employees Retirement System, so as to revise the minimum and maximum allowable benefit3
multiplier for current and future retirees; to provide for related matters; to provide conditions4
for an effective date and automatic repeal; to repeal conflicting laws; and for other purposes.5
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6
SECTION 1.7
Code Section 47-4-101 of the Official Code of Georgia Annotated, relating to retirement8
benefits payable upon normal, early, or delayed retirement in the Public School Employees9
Retirement System, is amended by revising subsection (b) as follows:10
"(b)(1)(A)
Upon retirement on the normal retirement date, a member shall receive a11
monthly retirement benefit, payment of which shall commence on the effective date of12
retirement and which shall be payable on the first day of each month thereafter during13
the member's lifetime. The minimum amount of each monthly retirement payment shall14
be $16.50 $17.00 multiplied by the number of the member's years of creditable service.15 23 LC 43 2600
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(B) The retirement benefit provided under this subsection shall be payable to those16
members who have already retired under this chapter as well as those members who17
retire in the future; provided, however, that no benefit increase above $15.00 per month18
shall be applied to the benefit of persons who were retired on the effective date of this19
Act.20
(C) If the General Assembly at any time appropriates funds expressly intended to fund21
the benefits provided in this subsection and such amount so appropriated is not22
sufficient to fund the maximum amount allowable, then the retirement benefit otherwise23
payable under this subsection shall be reduced pro rata by the board in accordance with24
a permanent or one-time increase to the benefit amount payable under this paragraph,25
the board shall make a determination of the amount that such benefit amount may be26
increased based upon the funds actually appropriated by the General Assembly for such27
purpose, but in no event shall the retirement benefit be less than $14.75 $17.0028
multiplied by the member's years of creditable service.29
(2) Subject to the terms and limitations of this subsection, the board of trustees is30
authorized to adopt from time to time a method or methods of providing for increases in31
the retirement allowance paid up to the maximum benefit provided in pursuant to32
paragraph (1) of this subsection. Such method shall be based upon:33
(A) The recommendation of the actuary of the board of trustees;34
(B) The maintenance of the actuarial soundness of the fund in accordance with the35
standards provided in Code Section 47-20-10 or such higher standards as may be36
adopted by the board; and37
(C) Such other factors as the board deems relevant."38
SECTION 2.39
This Act shall become effective on July 1, 2024, only if it is determined to have been40
concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia41 23 LC 43 2600
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Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not
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become effective and shall be automatically repealed in its entirety on July 1, 2024, as43
required by subsection (a) of Code Section 47-20-50.44
SECTION 3.45
All laws and parts of laws in conflict with this Act are repealed.46