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Committee backs bill letting former legislators buy back service for legislative retirement
Summary
The Senate Retirement Committee voted to advance SB157, which would allow current and former General Assembly members to purchase prior service credit and join the Legislative Retirement System; supporters said an actuarial review found no net fiscal impact to the fund.
The Senate Retirement Committee voted unanimously to advance Senate Bill 157, a measure that would allow current and former members of the General Assembly to become members of the Legislative Retirement System (LRS) by buying back prior service credit.
The committee chair introduced the bill, saying it "allows current and former members of the General Assembly to become a member of the Georgia legislative retirement system and obtain credible service," and that an actuarial study showed the proposal "has no…
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