| 1 | 1 | | 25 LC 56 0371 |
|---|
| 2 | 2 | | Senate Bill 339 |
|---|
| 3 | 3 | | By: Senators Orrock of the 36th, Hufstetler of the 52nd, Watson of the 11th, Dixon of the |
|---|
| 4 | 4 | | 45th, Hickman of the 4th and others |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | To amend Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the |
|---|
| 8 | 8 | | 1 |
|---|
| 9 | 9 | | Employees' Retirement System of Georgia, so as to provide for semiannual postretirement2 |
|---|
| 10 | 10 | | benefit adjustments for all beneficiaries of the Employees' Retirement System of Georgia;3 |
|---|
| 11 | 11 | | to provide for conditions, limitations, and suspensions; to provide for related matters; to4 |
|---|
| 12 | 12 | | provide conditions for an effective date and automatic repeal; to repeal conflicting laws; and5 |
|---|
| 13 | 13 | | for other purposes.6 |
|---|
| 14 | 14 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 |
|---|
| 15 | 15 | | SECTION 1.8 |
|---|
| 16 | 16 | | Chapter 2 of Title 47 of the Official Code of Georgia Annotated, relating to the Employees'9 |
|---|
| 17 | 17 | | Retirement System of Georgia, is amended revising Code Section 47-2-29, relating to10 |
|---|
| 18 | 18 | | postretirement benefit adjustments, as follows:11 |
|---|
| 19 | 19 | | "47-2-29.12 |
|---|
| 20 | 20 | | (a) On a date to be established by the board of trustees, but not before April 1, 1967, the13 |
|---|
| 21 | 21 | | board of trustees is authorized to adopt a method of providing for postretirement benefit14 |
|---|
| 22 | 22 | | adjustments for the purpose of maintaining essentially no less purchasing power for a15 |
|---|
| 23 | 23 | | beneficiary in his or her |
|---|
| 24 | 24 | | postretirement years. Such method shall be based upon:16 |
|---|
| 25 | 25 | | S. B. 339 |
|---|
| 26 | 26 | | - 1 - 25 LC 56 0371 |
|---|
| 27 | 27 | | (1) Recommendation of the actuary for the board of trustees; |
|---|
| 28 | 28 | | 17 |
|---|
| 29 | 29 | | (2) Maintaining the actuarial soundness of the retirement system;18 |
|---|
| 30 | 30 | | (3) Its application to the retirement income of members retiring on or after the adoption19 |
|---|
| 31 | 31 | | of such method by the board of trustees; and20 |
|---|
| 32 | 32 | | (4) Any additional contribution by the member in an amount not to exceed one-fourth21 |
|---|
| 33 | 33 | | of 1 percent of his or her |
|---|
| 34 | 34 | | monthly earnable compensation.22 |
|---|
| 35 | 35 | | This Code section shall also be applicable to those members retiring before April 1, 1967.23 |
|---|
| 36 | 36 | | (b) Notwithstanding any other provision of this Code section, no member who becomes24 |
|---|
| 37 | 37 | | a member of this retirement system on or after July 1, 2009, shall be entitled to receive any25 |
|---|
| 38 | 38 | | postretirement benefit adjustment granted prior to July 1, 2026, but shall be eligible for26 |
|---|
| 39 | 39 | | postretirement benefit adjustments granted on or after July 1, 2026.27 |
|---|
| 40 | 40 | | (c)(1) Except as provided otherwise in this subsection, on July 1, 2026, and every six28 |
|---|
| 41 | 41 | | months thereafter, each beneficiary shall receive a postretirement benefit adjustment that29 |
|---|
| 42 | 42 | | increases his or her retirement allowance by 1.5 percent.30 |
|---|
| 43 | 43 | | (2) If the revenue collected in the most recently completed fiscal year decreased31 |
|---|
| 44 | 44 | | by 3 percent or more below the revenue estimate for such fiscal year or if the state32 |
|---|
| 45 | 45 | | experiences a decline in revenue collected for three consecutive months during the33 |
|---|
| 46 | 46 | | current fiscal year, the Governor may by executive order suspend, in whole or in part, the34 |
|---|
| 47 | 47 | | next two postretirement benefit adjustments otherwise provided for by paragraph (1) of35 |
|---|
| 48 | 48 | | this subsection; provided, however, that such an executive order may not be issued in36 |
|---|
| 49 | 49 | | more than two consecutive calendar years or more than three times in any period of ten37 |
|---|
| 50 | 50 | | consecutive calendar years.38 |
|---|
| 51 | 51 | | (3) Each executive order issued pursuant to paragraph (2) of this subsection shall be39 |
|---|
| 52 | 52 | | subject to revocation, revision, or extension by the General Assembly through the40 |
|---|
| 53 | 53 | | adoption of a joint resolution within one calendar year from the date of issuance of such41 |
|---|
| 54 | 54 | | executive order."42 |
|---|
| 55 | 55 | | S. B. 339 |
|---|
| 56 | 56 | | - 2 - 25 LC 56 0371 |
|---|
| 57 | 57 | | SECTION 2. |
|---|
| 58 | 58 | | 43 |
|---|
| 59 | 59 | | This Act shall become effective on July 1, 2026, only if it is determined to have been44 |
|---|
| 60 | 60 | | concurrently funded as provided in Chapter 20 of Title 47 of the Official Code of Georgia45 |
|---|
| 61 | 61 | | Annotated, the "Public Retirement Systems Standards Law"; otherwise, this Act shall not46 |
|---|
| 62 | 62 | | become effective and shall be automatically repealed in its entirety on July 1, 2026, as47 |
|---|
| 63 | 63 | | required by subsection (a) of Code Section 47-20-50.48 |
|---|
| 64 | 64 | | SECTION 3.49 |
|---|
| 65 | 65 | | All laws and parts of laws in conflict with this Act are repealed.50 |
|---|
| 66 | 66 | | S. B. 339 |
|---|
| 67 | 67 | | - 3 - |
|---|