SB198: Georgia Legislative Retirement System; board of trustees of the system to increase benefit multipliers for members; provide

Legislative Summary

A BILL to be entitled an Act to amend Chapter 6 of Title 47 of the Official Code of Georgia Annotated, relating to the Georgia Legislative Retirement System, so as to provide for the board of trustees of the system to increase benefit multipliers for members; to provide for the system to maintain a minimum 120 percent funded ratio; to provide for conditions for such benefit multiplier increases; to provide for automatic increases in employee contributions proportional to benefit multiplier increases; to allow for members who joined after 2009 to receive benefit multiplier increases; to provide for definitions; to provide for conforming changes; to provide conditions for an effective date and automatic repeal; to provide for related matters; to repeal conflicting laws; and for other purposes.