State Law Enforcement Officer Plan' or 'SLEO Plan'; enact
Impact
The SLEO Plan mandates that participating officers contribute five percent of their earnable compensation to their retirement system. The benefits structure is tiered, allowing for higher monthly retirement payouts based on years of service. After 25 years of creditable service, contributions will cease for officers, and they will remain entitled to retirement benefits calculated based on their average final compensation at that time. This reform aims to incentivize long-term service and retention within law enforcement agencies by improving the overall attractiveness of public service careers.
Summary
House Bill 338, known as the State Law Enforcement Officer Plan (SLEO Plan), seeks to amend the Employees' Retirement System of Georgia by creating a retirement scheme specifically for state law enforcement officers. This bill introduces enhanced retirement benefits for electing officers who choose to participate in the SLEO Plan, which will be available to those who make an irrevocable election after July 1, 2026. The intent is to provide better financial security for law enforcement personnel in their retirement years, reflecting the unique challenges and risks associated with their jobs.
Contention
Key points of contention surrounding HB338 involve concerns about the long-term financial sustainability of enhanced benefits plans for state officers. Detractors argue that implementing this legislation could result in increased fiscal burdens on the state, particularly if the benefits are not adequately funded or if there is a significant increase in the number of officers opting into the plan. Furthermore, the bill includes a clause that will automatically repeal the act if it is not concurrently funded, which is a point of significant debate among legislators, as it indicates uncertainties in its future viability. Advocates, however, assert that the benefits are justified given the demanding nature of law enforcement work.