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