Georgia Senate Bill SB327

Georgia 2023-2024 Regular Session

• Introduced: 3/22/23
• Refer: 3/23/23

Caption

Retirement and Pensions; Public School Employees Retirement System to make an irrevocable election to become members of the Teachers Retirement System of Georgia; permit

Impact

Under SB327, individuals with at least ten years of creditable service have the option to withdraw their accumulated contributions upon making the election or maintain them, thus preserving their vested rights. It establishes a clear framework for the transition from PSERS to the Teachers Retirement System, ensuring that personnel receive proper guidance on their options and responsibilities. The bill sets a tentative effective date of July 1, 2024, contingent on proper funding alignment as determined under current retirement system laws.

Summary

SB327 aims to amend Title 47 of the Official Code of Georgia Annotated concerning retirement and pensions for public school and educational services personnel. The bill allows specific individuals who would typically be required to join the Public School Employees Retirement System (PSERS) the option to make an irrevocable election to become members of the Teachers Retirement System of Georgia. This change facilitates an organizational shift in the way public school personnel can manage their retirement plans and potentially provides greater benefits according to their employment status.

Contention

While the bill promotes more flexible retirement options for certain educational employees, it also raises discussions about the implications of allowing personnel to switch retirement systems. Points of contention likely center around the idea of fairness and equity, particularly concerning non-teaching public school employees and their retirement benefits compared to those of teachers. Additionally, questions remain about the long-term financial impact on the retirement systems involved and how such changes may affect overall state finances.