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Senate committee advances bill to alter magistrates' retirement terms
Summary
The Georgia Senate Retirement Committee voted unanimously to send Senate Bill 261 to interim study. The bill would lower early retirement age for magistrates, change contribution and benefit multipliers, extend maximum credited service, and allow the board to set a maximum monthly benefit rather than a fixed dollar amount in code.
Senate Bill 261, which would change benefit and contribution rules for the Magistrates' Retirement Fund, was advanced for interim study by the Georgia Senate Retirement Committee after a unanimous voice vote.
The measure, introduced by Senator Harbin, would allow members to take early retirement at age 55 with a 3% penalty for each year before age 60, raise the member contribution basis and benefit multipliers, extend the statutory maximum credited service years, and give the retirement board…
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