Georgia Senate advances bill allowing lawmakers to buy back retirement service time

During the February 27, 2025, meeting of the Georgia Senate Committee on Retirement, a significant proposal emerged to increase the benefits for law enforcement officers, potentially raising their maximum monthly benefit from $900 to between $1,200 and $1,400. This change aims to provide substantial financial support for officers who rely primarily on the Police Officers' Annuity and Benefit Fund (POAB) and Social Security.

The committee discussed the current funding structure, which pulls a portion of 911 fees to support communications officers. The anticipated increase in funding could exceed $100 million annually, a stark contrast to the current revenue of less than $2 million. This shift not only promises to enhance the financial well-being of officers but also aims to attract more officers to join the fund, thereby alleviating some financial pressure on local and municipal governments.

In addition to the proposed benefit increase, the committee reviewed Senate Bill 157, which would allow current and former members of the General Assembly to buy back into the Georgia Legislative Retirement System. This bill is designed for those who opted out of the system in the past but wish to regain their credible service. The bill, which has already passed in previous sessions, is set to move forward for an actuarial study.

The discussions highlighted the importance of supporting law enforcement personnel and ensuring that legislative members have the opportunity to secure their retirement benefits. The committee plans to revisit these proposals in their next meeting, signaling a commitment to enhancing retirement security for Georgia's public servants.