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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 authority to adopt a maximum monthly retirement amount rather than rely on a fixed dollar written in code.
Senator Harbin introduced the bill and said the sponsor group asked for the changes. Homer, identified in committee as the retirement-system vice president, described the fund as small: “This is a small retirement fund. There's only a 19 active members in it, and, about 70 people actually receiving retirement benefits.” He said the fund sought earlier retirement (age 55 versus 60) with a 3% penalty per year before 60 and proposed raising the membership-due multiplier on which dues are based from 3.42% to 4%. Homer also described a proposed increase in the retirement benefit multiplier and a lengthening of the maximum credited service from 20 years to 28 years to match other judicial-related funds.
Homer said the board and the fund’s association support the request and asked that the committee allow the group to pursue study so the fund could align with similar systems. He also asked that the code stop using a fixed dollar for a maximum monthly benefit and instead let the board set a maximum so the board need not return to the legislature every few years to update dollar amounts.
With no committee questions recorded, a motion to pass the bill out for study was made and seconded. The committee chair called for a voice vote; members answered “aye” and the motion carried unanimously.
Senate Bill 261 will move to interim study; the committee did not record a roll-call tally in the transcript.
