Georgia 2025-2026 Regular Session

Georgia Senate Bill SB198 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	25 LC 56 0312
2	2	Senate Bill 198
3	3	By: Senators Albers of the 56th, Kirkpatrick of the 32nd, Williams of the 25th, Summers of
4	4	the 13th, Cowsert of the 46th and others
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	To amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the
8	8	1
9	9	Georgia Legislative Retirement System, so as to provide for the board of trustees of the2
10	10	system to increase benefit multipliers for members; to provide for the system to maintain a3
11	11	minimum 120 percent funded ratio; to provide for conditions for such benefit multiplier4
12	12	increases; to provide for automatic increases in employee contributions proportional to5
13	13	benefit multiplier increases; to allow for members who joined after 2009 to receive benefit6
14	14	multiplier increases; to provide for definitions; to provide for conforming changes; to provide7
15	15	conditions for an effective date and automatic repeal; to provide for related matters; to repeal8
16	16	conflicting laws; and for other purposes.9
17	17	BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:10
18	18	SECTION 1.11
19	19	Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia12
20	20	Legislative Retirement System, is amended in Code Section 47-6-1, relating to definitions,13
21	21	by adding new paragraphs to read as follows:14
22	22	S. B. 198
23	23	- 1 - 25 LC 56 0312
24	24	"(2.1) 'Benefit multiplier' means the amount of money that is multiplied by a member's15
25	25	creditable service or presiding creditable service in order to calculate such member's16
26	26	monthly service retirement allowance."17
27	27	"(5.1) 'Funded ratio' means actuarial value of plan assets divided by the actuarial accrued18
28	28	liability of such plan as of the most recent actuarial valuation approved by the board."19
29	29	SECTION 2.20
30	30	Said chapter is further amended in Code Section 47-6-80, relating to eligibility and21
31	31	application for a retirement allowance, early retirement, monthly retirement allowance,22
32	32	amount of retirement allowance, compliance with federal tax laws, and increases in23
33	33	retirement allowance, by repealing subsection (f) in its entirety and by revising subsection24
34	34	(g) as follows:25
35	35	"(g)(f) Notwithstanding any other provision of this Code section Except as provided in26
36	36	Code Section 47-6-86, no member who becomes a member of this retirement system on27
37	37	or after July 1, 2009, shall be entitled to receive any postretirement benefit adjustment."28
38	38	SECTION 3.29
39	39	Said chapter is further amended by adding a new Code section to read as follows:30
40	40	"47-6-86.31
41	41	(a) Notwithstanding any other provision of this Code section, the provisions of this Code32
42	42	section shall not apply while the funded ratio of the system is below 120 percent.33
43	43	(b) The board shall be required to provide benefit increases in order to maintain the system34
44	44	as close to a 120 percent funded ratio as is practicable.35
45	45	(c) The board is authorized to increase the benefit multipliers provided for in Code36
46	46	Section 47-6-80 for persons retiring under this chapter. Such an increase shall:37
47	47	S. B. 198
48	48	- 2 - 25 LC 56 0312
49	49	(1) Not lower the funded ratio of the system below 120 percent, based on the38
50	50	recommendation of the actuary of the board;39
51	51	(2) Be provided exclusively to all members receiving a benefit calculated under40
52	52	subsection (d) of Code Section 47-6-80, so long as the benefit multipliers for creditable41
53	53	service and presiding creditable service, respectively, are less than the benefit multipliers42
54	54	for creditable service and presiding creditable service, respectively, provided for in43
55	55	subsection (c.1) of Code Section 47-6-80;44
56	56	(3) Be provided to all members receiving a benefit calculated under subsection (c.1)45
57	57	or (d) of Code Section 47-6-80, so long as the benefit multipliers for creditable service46
58	58	and presiding creditable service, respectively, are equal between the two groups of47
59	59	members; or48
60	60	(4) Provide for an increase in a benefit multiplier for creditable service of not less49
61	61	than $1.00.50
62	62	(d) For each increase in the benefit multiplier for creditable service pursuant to this Code51
63	63	section, the benefit multiplier for presiding creditable service and the member contribution52
64	64	provided for in subsection (a.1) of Code Section 47-6-60 shall be increased by an amount53
65	65	proportional to any increase in the multiplier."54
66	66	SECTION 4.55
67	67	This Act shall become effective on July 1, 2026, only if it is determined to have been56
68	68	concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia57
69	69	Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not58
70	70	become effective and shall be automatically repealed in its entirety on July 1, 2026, as59
71	71	required by subsection (a) of Code Section 47-20-50.60
72	72	SECTION 5.61
73	73	All laws and parts of laws in conflict with this Act are repealed.62
74	74	S. B. 198
75	75	- 3 -