Georgia 2025-2026 Regular Session

Georgia Senate Bill SB261 Compare Versions

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

Old	New	Differences
1	1	25 LC 56 0263
2	2	Senate Bill 261
3	3	By: Senators Harbin of the 16th, Strickland of the 42nd, Gooch of the 51st, Hickman of the
4	4	4th, Williams of the 25th and others
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	To amend Chapter 25 of Title 47 of the Official Code of Georgia Annotated, relating to the
8	8	1
9	9	magistrates retirement fund, so as to provide for an early retirement benefit; to provide for2
10	10	an employee contribution increase; to replace the statutory maximum monthly compensation3
11	11	used to calculate a benefit with an amount determined by the board; to increase the maximum4
12	12	number of years of service used to calculate a benefit; to provide for related matters; to5
13	13	provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and6
14	14	for other purposes.7
15	15	BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:8
16	16	SECTION 1.9
17	17	Chapter 25 of Title 47 of the Official Code of Georgia Annotated, relating to the magistrates10
18	18	retirement fund, is amended by revising Code Section 47-25-41, relating to member dues,11
19	19	as follows:12
20	20	"47-25-41.13
21	21	Each member shall pay into the fund as dues a sum equal to 3.42
22	22	4.0 percent of the14
23	23	member's maximum average final monthly compensation established by subsection (a) of15
24	24	S. B. 261
25	25	- 1 - 25 LC 56 0263
26	26	Code Section 47-25-81 per month. Each month's dues shall be paid not later than the tenth
27	27	16
28	28	day of that month."17
29	29	SECTION 2.18
30	30	Said chapter is further amended by revising Code Section 47-25-80, relating to requirements19
31	31	to receiving benefits, as follows:20
32	32	"47-25-80.21
33	33	(a)
34	34	In order for a member to be eligible to receive retirement benefits under this chapter,22
35	35	he or she must have:23
36	36	(1) Served as a regularly qualified and commissioned chief magistrate or as the24
37	37	secretary-treasurer for at least eight years;25
38	38	(2) Fully complied with this chapter;26
39	39	(3) Terminated his or her official capacity as a chief magistrate or as the27
40	40	secretary-treasurer;28
41	41	(4) Attained the age of 60 55 years;29
42	42	(5) Filed with the board his or her application for such retirement, on a form to be30
43	43	furnished by the board, within a period of 90 days, or as soon thereafter as possible, after31
44	44	reaching the age of 60 55 years or after termination of his or her official capacity as a32
45	45	chief magistrate or as the secretary-treasurer, whichever may occur last in point of time;33
46	46	and34
47	47	(6) Had his or her application for retirement approved by the board.35
48	48	(b) If a member retires prior to the age of 60, his or her benefit, as calculated pursuant to36
49	49	Code Section 47-25-81, shall be reduced by one-twelfth of 3 percent for each month by37
50	50	which his or her age at the time of retirement is below 60 years."38
51	51	S. B. 261
52	52	- 2 - 25 LC 56 0263
53	53	SECTION 3.
54	54	39
55	55	Said chapter is further amended by revising Code Section 47-25-81, relating to the amount40
56	56	of benefits, as follows:41
57	57	"47-25-81.42
58	58	(a) Any member who is approved for retirement benefits as provided in Code Section43
59	59	47-25-80 shall be paid a monthly sum equal to 4
60	60	5 percent of his or her average final44
61	61	monthly compensation for each year served by the member up to, but not exceeding, a total45
62	62	of 20 28 years; provided, however, that the final annual monthly compensation used for46
63	63	calculating a benefit under this Code section shall not exceed an amount set pursuant to47
64	64	subsection (b) of this Code section. $42,781.22 or the amount fixed in the following48
65	65	schedule according to county population, whichever amount is higher:49
66	66	Population50
67	67	Maximum Average Final
68	68	Monthly Compensation
69	69	500,000 or more..............................................$ 7,247.8751
70	70	400,000 - 499,999..............................................6,975.7052
71	71	300,000 - 399,999..............................................6,703.5353
72	72	250,000 - 299,999..............................................6,072.6554
73	73	200,000 - 249,999..............................................5,594.1755
74	74	150,000 - 199,999..............................................5,132.4956
75	75	100,000 - 149,999..............................................4,797.7057
76	76	75,000 - 99,999...............................................4,490.7658
77	77	50,000 - 74,999...............................................4,183.4759
78	78	39,000 - 49,999...............................................3,732.5360
79	79	29,000 - 38,999...............................................3,512.8061
80	80	20,000 - 28,999...............................................3,293.3462
81	81	S. B. 261
82	82	- 3 - 25 LC 56 0263
83	83	11,890 - 19,999...............................................3,073.8863
84	84	6,000 - 11,889...............................................2,713.5364
85	85	0 - 5,999................................................1,975.9865
86	86	(b) The board of commissioners is authorized to shall adopt from time to time a method66
87	87	or methods of providing for increases in the a maximum final monthly compensation used67
88	88	for calculating a benefit as provided in this Code section. Such method or methods68
89	89	maximum final monthly compensation shall be based upon:69
90	90	(1) The recommendation of the actuary of the board of commissioners;70
91	91	(2) The maintenance of the actuarial soundness of the fund in accordance with the71
92	92	standards provided in Code Section 47-20-10 or such higher standards as may be adopted72
93	93	by the board; and73
94	94	(3) Such other factors as the board deems relevant; provided, however, that any such74
95	95	increase shall be uniform and shall apply equally to all members of this retirement75
96	96	system.76
97	97	(c) No time for which dues have not been paid in accordance with Code Section 47-25-4177
98	98	shall be considered in determining the number of years of service."78
99	99	SECTION 4.79
100	100	This Act shall become effective on July 1, 2026, only if it is determined to have been80
101	101	concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia81
102	102	Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not82
103	103	become effective and shall be automatically repealed in its entirety on July 1, 2026, as83
104	104	required by subsection (a) of Code Section 47-20-50.84
105	105	SECTION 5.85
106	106	All laws and parts of laws in conflict with this Act are repealed.86
107	107	S. B. 261
108	108	- 4 -