Committee opens study on multiple legislative‑retirement proposals, including equalization and benefit increases

A House committee agreed to study multiple bills that would change benefits and contributions across several state retirement plans used by legislators, judges and certain public employees.

The measures considered together included a proposal to make retirement benefits equal for all legislative retirees regardless of whether they retired before or after Jan. 1, 2022 (House Bill 924); proposals to raise the monthly multiplier used to calculate legislative benefits (House Bill 895 and related measures); an amendment allowing service credit recognition between the Employees’ Retirement System (ERS) and the Judicial Retirement System (JRS) with a 90‑day election window (House Bill 905 as amended); and a proposal affecting members of the Georgia State Employees’ Pension and Savings Plan (GSEPS) to offer an opt‑in increase in the multiplier paired with higher member contributions (House Bill 891).

Why it matters: Committee members said these bills affect the Legislative Retirement System and other participant groups that, in some cases, are well funded. Committee discussion referenced recent funding levels, with staff and members characterizing the legislative plan as substantially funded above actuarial liability; one staff member described the plan’s funded status in the range of about 125–133 percent based on prior reports. Members said they wanted actuarial study and cost comparisons before choosing a policy path so changes would not shift an unexpected cost to taxpayers.

Key points from discussion included: • House Bill 924 would extend the benefit formula to cover retirees who left service before Jan. 1, 2022; presenters said the change would equalize benefits for currently retired lawmakers rather than alter benefits for active members. • House Bill 895 (and related proposals) would raise the monthly multiplier used to calculate benefits for future retirees — one proposal would boost the multiplier to $75 per month per year of service beginning in 2026 and increase the presiding officer’s multiplier to $300 per month per year of service — and committee members asked staff to calculate employer and employee contribution implications. • Representative Gary Richardson offered an amendment to House Bill 905 to clarify the transfer of service between ERS and JRS; the committee adopted language to strike “or” in one line and add a 90‑day election window “after entering service in a covered position.” • A staff presenter described a GSEPS proposal (House Bill 891) that would raise the pension multiplier to 1.5% for service after July 1, 2026, require member opt‑in, and increase member contributions from the current 1.25% toward 3% (with board authority to raise to 4% if necessary).

Formal action: The committee voted to send the relevant bills and the Richardson amendment to study or actuarial review where appropriate. Votes were recorded on multiple motions; the transcript records motions and seconds and notes the motions carried (most by voice vote). Committee members emphasized that study or actuarial review would precede any final action.

The committee asked staff to return cost estimates, employer/employee contribution scenarios and comparisons of the different proposals’ fiscal impact before further consideration.